Top Crypto Analyst Issues Warning on Cardano, Says ADA Risks Large Crash if It Fails To Hit These Targets
Widely followed analyst and trader Jason Pizzino is urging caution on Cardano (ADA) amid the eighth-largest crypto asset by market cap recording a bounce in price.
Pizzino tells his 278,000 YouTube subscribers that Cardano could drop further below the 22-month low it reached earlier this month unless it consolidates above the current price.
“We had the final capitulation zone here – $0.17 to $0.33. We hit dead on $0.33 so far. I’m looking further down unless ADA can get back above these previous support zones and that is around $0.40, $0.41 and consolidate above those levels and then look to take out the logarithmic bear market downtrend.”
Cardano is trading at $0.4052 at time of writing, up by a little over 10% over the past seven days.
The crypto analyst and trader says that for Cardano to confirm a bullish trend, the eighth-largest crypto asset by market cap needs to rise above the resistance zone around the $0.50 – $0.70 price.
“So $0.33 could be the low. But we need to wait and see whether we get some confirmation of consolidating above $0.41 and then breaking these previous levels of $0.51, that’s the 50% level [on the Fibonacci scale]…
So $0.50 and $0.70 are the key levels for ADA to start to climb above, in order for ADA to then start to flip bullish.”
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