Cryptoanalyst predicts Wild Cardano (ADA) price fluctuation, sets downward target for one Ethereum rival
A popular cryptanalyst known for timely altcoin talks says that some wild volatility may be at stake for Ethereum challenger Cardano (ADA).
The pseudonymous trader known as Pentoshi tells his 584,000 Twitter followers that after a strong and prolonged downturn, Cardano is probably in for a big relief.
According to the analyst’s chart, Cardano can reach its original target of $ 0.64. Above this level, the next target is in the range of $ 1.00 to $ 1.10.
“ADA update:
In the end, this will have a pretty wild retaliation.
I certainly would not short-circuit here (would wait for a nice bounce to do so if it rejects purple sometime in July. ”
At the time of writing, the ADA is changing hands for $ 0.45.
Pentoshi is also eyeing another Ethereum (ETH) rival for potential opportunities.
According to the trader, the smart contract platform Solana (SOL) will continue to withstand more pain as long as it stays below the $ 130 level. He says that SOL is on its way to $ 20 before the end of the year, but with help meetings in between, possibly to $ 60 and $ 80.
“SOL update:
I think this will eventually trade for $ 20-22 later in the year. Give it another three to five months, maybe with a stronger bounce or so in between. “
At the time of writing, SOL is trading at $ 33.42.
With Bitcoin well below the all-time high and still undergoing a relentless downward trend, Pentoshi addresses a question from one of his followers about the possibility that BTC will never fully recover.
According to the analyst, Bitcoin is in a strong long-term cycle of greed-driven demonstrations and fear-driven corrections, and that there is no sign that it will end with the first.
“How many times has BTC died?
If you think it will not come back, then you think that human greed and fear are gone. See what is painted on the diagram.
Your fear turns into the greed of others. The cycle is repeated. The only thing the markets do is get rid of the weak, then comes new growth …
Just like all seasons, the word season has in itself which in itself implies seasonal variation, not something eternal. Markets must shed dead weight. All things in life are cyclical. You can not defy the laws that govern the universe. “
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Featured image: Shutterstock / Shacil / Mingirov Yuriy
