Here’s What’s Next for Cardano (ADA) After Recent Rally, According to Analyst Jason Pizzino

0 24

Analyst and trader Jason Pizzino is examining the price action of Cardano (ADA) after the seventh-largest crypto asset by market cap rose by over 30% in a week.

In a new YouTube update, Pizzino tells his 262,000 subscribers that Cardano could be in the midst of a relief rally after having gone through one of the longest bearish periods in its history.

“Basically [Cardano] has been down almost straight for one, two, three, four, five months… Five months down is one of the longest, if not the longest period, that ADA has been down for straight in its entire history…

The positive I can see from this is it’s probably time for a relief rally. The markets found some sort of low at around mid $0.70. It’s found its way back to the previous support level of $1 and looking likely we are trying on our next attempt of a relief rally.”

The crypto analyst adds that Cardano’s immediate resistance level is around $1.20.

Cardano is exchanging hands for $1.09 at time of writing, down over 3% in the last 24 hours.

Pizzino also says that he’s looking for ADA to pull back and establish a bullish higher-low setup before Cardano can potentially reverse its downtrend.

“Best-case scenario for ADA at this point is if we do hit that downtrend, break it and then start to slow the bleed, I think that might give ADA a possibility of not seeing a lower price than $0.75…

I don’t need to rush into jumping in on anything especially as it starts to move. I think we’ll probably come back down and test some sort of pricing in this region $0.80, maybe up to $1 somewhere.”

I

Check Price Action



Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox



Follow us on Twitter, Facebook and Telegram



Surf The Daily Hodl Mix


&nbsp
Check Latest News Headlines

 

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Art Furnace

The post Here’s What’s Next for Cardano (ADA) After Recent Rally, According to Analyst Jason Pizzino appeared first on The Daily Hodl.

Leave A Reply

Your email address will not be published.

bitcoin
Bitcoin (BTC) $ 24,537.57
ethereum
Ethereum (ETH) $ 1,995.22
tether
Tether (USDT) $ 1.00
usd-coin
USD Coin (USDC) $ 1.00
bnb
BNB (BNB) $ 326.99
cardano
Cardano (ADA) $ 0.566189
xrp
XRP (XRP) $ 0.380655
binance-usd
Binance USD (BUSD) $ 1.00
solana
Solana (SOL) $ 46.92
polkadot
Polkadot (DOT) $ 9.41
dogecoin
Dogecoin (DOGE) $ 0.073958
avalanche-2
Avalanche (AVAX) $ 29.36
staked-ether
Lido Staked Ether (STETH) $ 1,941.02
matic-network
Polygon (MATIC) $ 1.01
shiba-inu
Shiba Inu (SHIB) $ 0.000013
dai
Dai (DAI) $ 1.00
tron
TRON (TRX) $ 0.070359
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 24,540.58
ethereum-classic
Ethereum Classic (ETC) $ 44.20
okb
OKB (OKB) $ 22.53
leo-token
LEO Token (LEO) $ 4.88
litecoin
Litecoin (LTC) $ 63.87
near
NEAR Protocol (NEAR) $ 5.93
chainlink
Chainlink (LINK) $ 9.22
ftx-token
FTX (FTT) $ 31.52
uniswap
Uniswap (UNI) $ 9.07
crypto-com-chain
Cronos (CRO) $ 0.154669
cosmos
Cosmos Hub (ATOM) $ 11.98
stellar
Stellar (XLM) $ 0.127177
flow
Flow (FLOW) $ 2.98
monero
Monero (XMR) $ 167.37
bitcoin-cash
Bitcoin Cash (BCH) $ 144.22
algorand
Algorand (ALGO) $ 0.372577
vechain
VeChain (VET) $ 0.033086
filecoin
Filecoin (FIL) $ 8.43
apecoin
ApeCoin (APE) $ 6.86
internet-computer
Internet Computer (ICP) $ 8.23
decentraland
Decentraland (MANA) $ 1.08
chain-2
Chain (XCN) $ 0.087311
hedera-hashgraph
Hedera (HBAR) $ 0.082209
axie-infinity
Axie Infinity (AXS) $ 19.66
the-sandbox
The Sandbox (SAND) $ 1.34
tezos
Tezos (XTZ) $ 1.92
quant-network
Quant (QNT) $ 127.55
lido-dao
Lido DAO (LDO) $ 2.94
theta-token
Theta Network (THETA) $ 1.60
celsius-degree-token
Celsius Network (CEL) $ 3.75
aave
Aave (AAVE) $ 111.08
elrond-erd-2
Elrond (EGLD) $ 65.45
frax
Frax (FRAX) $ 1.00
eos
EOS (EOS) $ 1.36
true-usd
TrueUSD (TUSD) $ 1.00
bitcoin-sv
Bitcoin SV (BSV) $ 63.96
helium
Helium (HNT) $ 8.61
the-graph
The Graph (GRT) $ 0.144515
kucoin-shares
KuCoin (KCS) $ 10.74
fantom
Fantom (FTM) $ 0.403019
compound-usd-coin
cUSDC (CUSDC) $ 0.022681
iota
IOTA (MIOTA) $ 0.360688
compound-ether
cETH (CETH) $ 40.01
zcash
Zcash (ZEC) $ 76.12
maker
Maker (MKR) $ 1,075.04
huobi-btc
Huobi BTC (HBTC) $ 24,530.57
bittorrent
BitTorrent (BTT) $ 0.000001
havven
Synthetix Network (SNX) $ 4.04
ecash
eCash (XEC) $ 0.000048
klay-token
Klaytn (KLAY) $ 0.305874
thorchain
THORChain (RUNE) $ 2.94
chiliz
Chiliz (CHZ) $ 0.162117
paxos-standard
Pax Dollar (USDP) $ 1.00
neo
NEO (NEO) $ 12.06
cdai
cDAI (CDAI) $ 0.022062
huobi-token
Huobi (HT) $ 5.27
usdd
USDD (USDD) $ 1.00
bitdao
BitDAO (BIT) $ 0.672638
gatechain-token
Gate (GT) $ 5.11
arweave
Arweave (AR) $ 14.64
pancakeswap-token
PancakeSwap (CAKE) $ 4.43
zilliqa
Zilliqa (ZIL) $ 0.047741
neutrino
Neutrino USD (USDN) $ 0.994733
basic-attention-token
Basic Attention (BAT) $ 0.461926
blockstack
Stacks (STX) $ 0.518474
enjincoin
Enjin Coin (ENJ) $ 0.707203
radix
Radix (XRD) $ 0.064272
amp-token
Amp (AMP) $ 0.008344
dash
Dash (DASH) $ 57.55
waves
Waves (WAVES) $ 6.18
pax-gold
PAX Gold (PAXG) $ 1,796.50
loopring
Loopring (LRC) $ 0.481973
stepn
STEPN (GMT) $ 0.980471
tenset
Tenset (10SET) $ 3.03
nexo
NEXO (NEXO) $ 1.02
kava
Kava (KAVA) $ 2.29
bitcoin-gold
Bitcoin Gold (BTG) $ 32.28
curve-dao-token
Curve DAO (CRV) $ 1.43
kusama
Kusama (KSM) $ 61.19
mina-protocol
Mina Protocol (MINA) $ 0.928597
defichain
DeFiChain (DFI) $ 0.954321
celo
Celo (CELO) $ 1.16
osmosis
Osmosis (OSMO) $ 1.20