Popular Cryptoanalyst Issues Cardano Update, Warns ADA Price May Be In Trouble
A popular crypto analyst is warning Cardano holders, saying ADA is on the verge of collapse as bearish momentum continues to build.
In a new strategy session, Jason Pizzino tells his 276,000 YouTube subscribers that ADA’s price could fall into the lower $0.30 range, or even much less, as it breaks one support area after another.
“I don’t think the ADA is going to last. I don’t think it will get back above $0.60 anytime soon. Back at $0.36 this is much, much much weaker. Look at the low level entered in May ($0.40). You can see that it has fallen below that, acted as resistance now on the daily chart, and any kind of move up that happens with Bitcoin (BTC) may be less to the upside overall.
And when Bitcoin falls — has these corrections, it’s going to be a hard hit in ADA because it’s in a much weaker position overall in the macro chart here, and I still think ADA looks set to fall into these teens ($0 .17) ) to lower $0.30 areas.”
At the time of writing, ADA is trading hands at $0.37.
Pizzino says one chance for the ADA to stave off the collapse is if it goes on an abrupt rally this month.
“The only thing that can save ADA from this is if it bounces back above all of the previous support levels relatively quickly by October and then back above $0.40 and starts consolidating above $0.40. Until that happens, ADA is likely in trouble and is likely to go lower.”
Pizzino is also keeping an eye on Ethereum (ETH), which he says is starting to come to life after posting several bullish higher low setups.
“It just needs to get a kick relatively soon. It’s good to see the bars holding above $1,280. That’s a good sign to see and now we’ll see it just bounce off when the volume comes back [this] week. Otherwise, the little bit ($1190) could be in trouble. However, at least we have moved away from these particular lows here at $1,000 and $880.”
At the time of writing, ETH is trading hands for $1,336.77.
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Featured image: Shutterstock/mialapi/Mingirov Yuriy
