The cryptocurrency market has gone green this week after a long hiatus. While the leading crypto Bitcoin managed to exceed $ 20 thousand, the leading altcoin Ethereum rose above $ 1,500 with an eye-catching performance. Ethereum’s strong competitor Cardano (ADA) also made a good move. However, one crypto analyst is warning his followers about ADA. The analyst says ADA will risk major collapse if it fails to meet certain targets.
“If he can’t do that, Cardano will probably go to the bottom!”
cryptocoin.comAs you follow, the crypto market has broken its silence. The expectation that the Federal Reserve would slow down in the rate of interest rate hikes brought a spring mood to the market. The leading crypto Bitcoin (BTC) broke the chains from $ 19 thousand around it and came to the door of $ 21 thousand. Most major altcoin projects followed suit. Cardano (ADA), which is seen as the ‘Ethereum Killer’, also managed to gain about 15% on a weekly basis.
However, in the crypto winter, there are concerns that this spring is temporary. Crypto analyst Jason Pizzino points to Cardano (ADA), which has seen a jump in price. Pizzino says Cardano is likely to drop below the 22-month low it reached earlier this month unless it consolidates above the current price. In this context, the analyst makes the following statement:
Here ($0.17 to $0.33) was the last capitulation zone. We hit $0.33 so far. ADA fails to break above these previous support zones and I’m looking lower unless it rallies around $0.40 to $0.41, consolidates above these levels, then clears the logarithmic bear market downtrend.
Cardano is trading at $0.408, up just over 15% on a weekly basis at press time. However, the altcoin stands 87% off from the $3.10 ATH level it saw about a year ago.
Key levels in altcoin price to continue its rise
Jason Pizzino says that for Cardano to confirm the uptrend, ADA must break above the resistance zone around $0.50 – $0.70 price. From this point of view, the analyst draws attention to the following levels:
So $0.33 could be lower. However, we need to wait and see if we can get some confirmation on consolidation above $0.41 and then breaking these previous $0.51 levels. This corresponds to the 50% level on the Fibonacci scale. So $0.50 and $0.70 are key levels for ADA to move higher later and start climbing higher.
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