Closely followed analyst and trader Jason Pizzinoshared his views and analysis on the smart contract platform Cardano (ADA). According to the analyst, ADA needs to stay above this critical level if it is to maintain its bullish market outlook.
Sharing his views in the strategy session he published on his YouTube channel, Jason Pizzino stated that although smart contract platform Cardano (ADA) is quite far from its all-time high, ADA is still in a ‘macro bullish trend’.
“At the moment the general trend is still a ‘big bull market’. If we manage to break the lows around $0.90, I probably wouldn’t call it a ‘bull market’ anymore but it has now (this week) managed to close above 50% (Fibonnaci level) so it still looks pretty strong. 1.60 is still trading, which means we are above 50%, above $1.59 (even if it is $0.01, he thinks it could be effective).”
Cardano (ADA) It is currently trading at $1.60 and is about 48% lower from its high of $3.10.
Pizzino added that Cardano’s ‘steep drop’ this month indicates that the end of ADA’s multi-month correction period may be on the horizon.
“You can see how fast it starts to drop towards the end. And from that point on I think ‘potentially’ this is the end. I can’t say for sure, but most of the time you experience a very sharp move towards the end of the downtrend and then a reversal…
I still don’t see any signs of a reversal but the first sign is that the market is in a sharp decline.”
At its current price, Cardano (ADA) is down about 32% from its November high of $2.38.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.