A widely followed crypto strategist and trader is highlighting a crucial level that Cardano (ADA) must hold to keep its bullish market structure.
In a new strategy session, crypto analyst Jason Pizzino tells his 242,000 YouTube subscribers that Cardano is still in a macro bullish trend despite the smart contract platform’s massive decline from its all-time high.
“The overall trend at the moment is still a major bull market.
I’d probably not call that a bull market anymore if we broke the lows at around $0.90 to a dollar, but at the moment, this week has closed above the 50% [Fibonacci level], so it’s still quite strong. [It’s trading at] a $1.60 and the 50% is at a $1.59 so that’s $0.01 above as well, so just little subtle signs there.”
At time of writing, Cardano is trading at $1.60, marking a 48% devaluation from its record high of $3.10.
Pizzino adds that Cardano’s steep decline this month indicates that the end of ADA’s multi-month corrective period may be on the horizon.
“You can see how much, how quick it starts to fall towards the end. And from this point, I am saying ‘potentially’ the end. I can’t say for sure it is, but it’s quite often that you get a very sharp move towards the end of the downtrend and then a reversal…
I don’t see a reversal yet, but the first sign is there for me that the market has taken a sharper turn down.”
At its current price, Cardano is down over 32% from its November high of $2.38.
I
Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inboxCheck 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/Space creator
