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.”
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