Crypto analyst Jason Pizzino updated the outlook by assessing the situation in Cardano (ADA). Is Cardano entering a bull market? Cryptocurrency analyst Jason Pizzino reveals his forecast for Cardano (ADA) as the crypto market rallies. Detail cryptocoin.com‘in.
What’s the direction for Cardano?
In a new video, Pizzino tells his 256,000 YouTube subscribers that the seventh-largest cryptocurrency by market cap could enter bull territory once it breaks the $1.40 price level. The analyst says:
This is the area we would like to see ADA reach to catch up to previous “up” levels. It basically depends on the cogs in a market, the overall structure. We would like to see the market at least reach or extend the ranges in the downtrend so we can have an idea of how the coin is behaving. You can see that more people are buying, the ranges are increasing, so you can assume that the market should have risen from that point on, because the power is coming back into the market. You’re getting longer ‘up’ ranges and therefore ADA’s price point against the US dollar is currently around $1.40.
The trader says he looks forward to Cardano breaking out above $1.60, but warns that the altcoin may see short-term dips on its bullish path. The analyst says on the subject:
We are approaching our 50% level of $1.60; and then around $1.64, the high that was set before the drop… There are many of these small levels that will potentially give small short-term reversals. If that happens, you can be pretty happy that the market is still strong, provided the lows are intact… So let’s recap these numbers for ADA in the US dollar pair, the first level is around $1.40; and then to keep it nice and simple, I’d like to see $1.60 rise above $1.64 ideally.
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