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Closely followed crypto strategist Jason Pizzino is warning Cardano holders that ADA may witness an additional 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 over the past months, the charts tell him that ADA could ignite another sell-off event if it fails to hold a key support level.
“The final capitulation zone: we’ve looked at this between $0.17 and $0.33 for ADA and currently the lows are $0.35. If it can’t hold that $0.38, we’re currently at $0.378, yes, it’s going to probably trend around between this zone of $0.26 and $0.38…
It has to get back above approximately that $0.38 to $0.40 level quite quickly. Otherwise, we’re in for some more grindy time. And probably lower prices over the coming months.”
Cardano is trading at $0.367 at time of writing. A move to Pizzino’s target suggests a downside potential of more than 53% for ADA.
Turning to fellow smart contract protocol Solana (SOL), the crypto analyst warns of “more trouble” ahead if the Ethereum (ETH) rival falls below the $29 price level.
“If it [Solana] closes below this level of about $29.80, $29.90, so $29, that’s going to be a little bit more trouble and probably head towards that previous low of between $25 and $26 dollars.
So that’s what you want to look out for, for the end-of-day close here and then also for the end-of-the-week [close] for Solana.
Otherwise, this is probably leaning to more towards the rest of those cryptos capitulating.”
Solana is valued at $30.05 at time of writing.
Pizzino is also watching smart contract-enabled blockchain Fantom (FTM), which he says could fall further just like “most altcoins.”
“This thing [Fantom] has just tested new lows ($0.2062)… It is looking rather weak. However, top to the current low, 94.6% down from the high…
I think there’s still a fair bit more time to go for most altcoins. And so if this was to drop a little bit further, it could go anywhere underneath that $0.10. Currently at $0.20, which means it will be another 50% down from the current price.”
Fantom is swapping hands at $0.2085 at time of writing.
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Featured Image: Shutterstock/Salinee_Chot/Wit Olszewski
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