Top Crypto Analyst Warns Cardano Could Crash Further Over 50%, Predicts What’s Next for Solana and Fantom
Closely followed crypto strategist Jason Pizzino warns Cardano holders that ADA could witness a further decline of over 50% even after this year’s deep correction.
In a new strategy session, Pizzino tells his 276,000 YouTube subscribers that regardless of the smart contract platform’s fundamental growth in recent months, the charts tell him that ADA could trigger another sell-off event if it fails to hold a key support level.
“Tthe last capitulation zone: we have seen this between $0.17 and $0.33 for ADA and currently the lows are $0.35. If it can’t hold to $0.38, we’re currently at $0.378, yes, it’s probably going to trend around between this $0.26 and $0.38 zone…
It needs to get back above about that $0.38 to $0.40 level pretty quickly. Otherwise, we’ll go a while longer. And probably lower prices in the coming months.”
Cardano is trading at $0.367 at the time of writing. A move to Pizzino’s target suggests downside potential of more than 53% for ADA.
As for the other smart contract protocol Solana (SOL), the cryptoanalyst warns of “more problems” ahead if the Ethereum (ETH) rival falls below the $29 price level.
“If it [Solana] closing below this level at around $29.80, $29.90, then $29, it’s going to be a bit more trouble and probably go towards the previous low between $25 and $26 dollars.
So that’s what you want to look for, for the end of the day here and then also for the end of the week [close] for Solana.
Otherwise, this probably leans more towards the rest of these cryptos capitulating.”
Solana is valued at $30.05 at the time of writing.
Pizzino is also looking at smart contract-enabled blockchain Fantom (FTM), which he says could fall further just like “most altcoins.”
“This thing [Fantom] just tested new lows ($0.2062)… Iit looks pretty weak. However, the top to the current low, down 94.6% from the high…
I think there is still a little more time left for most altcoins. And then if this were to fall a little further, it could go anywhere below that $0.10. Currently at $0.20, which means it will be another 50% down from the current price.”
Fantom is changing hands for $0.2085 at the time of writing.
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Featured Image: Shutterstock/Salinee_Chot/Wit Olszewski
