Cryptocurrency analyst Jason Pizzino is outlining his expectations for Cardano (ADA) in the second half of the year.
Pizzino says the charts show “buyers are running away” from ADA, and the asset’s technicals are not looking good in the short term.
Pizzino believes ADA could drop below $1 in the weeks and months ahead, depending on how the overall market moves.
“So far it’s not looking so good. The moves up are getting less…
I’m looking for a turn probably in the next several or few months to later this year. The price range? Anywhere from 40 cents to $1.”
Despite his bleak short-term outlook, the popular analyst tells his nearly 200,000 YouTube subscribers that by the end of the year, he’s looking for Cardano to rise 100% to 300% higher than its current levels of about $1.25 at time of writing.
“$2.50, that’s the old high. That would be an $80-billion market cap. $3.75 would be a $120-billion market cap. $5 would be a $560-billion market cap. All within reach here.”
The analyst says he’s hearing calls for ADA to reach $10, which he deems as overly optimistic.
“Can ADA reach $10? That would mean we would need a $320-billion market cap. Now we have ADA at a $40-billion market cap. We have Ethereum at a $220-billion market cap.
That means we would have to leapfrog Ethereum as Ethereum goes up as well, as Bitcoin goes up as well. So in this market cycle, I don’t think so. I don’t think we are going to see ADA at $10.
$5? For sure.”
lDon't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
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/Gonin