Analyst Announces Next for Bitcoin, Cardano, SOL and ETH!

Cardano is about to lose its volume lead, according to an analyst who has updated his Bitcoin and Solana analytics. If that happens, we could soon watch an ADA trading outside of the top 10.

Jason Pizzino says Bitcoin is still in the dark

The popular analyst said that Bitcoin is currently gaining faceless momentum after seeing bottoms over the past week. At the time of writing, Bitcoin is still struggling to suppress the bears. The analyst says that the BTC price has fallen for the past six to seven days in any case.

Regarding Cardano, Pizzino said that ADA may be out of the top 10 soon, as it has seen progress on the bottoms of the last 20 months. According to the crypto analyst, the bad news about Cardano will negatively affect the rest of the altcoin market:

ADA has dropped to new soles. From $0.38, the trend is downside. Therefore, if we get any negative news, the market crashes. The decline is greater than in other markets as the trend has dropped and the price has reached new lows.

Cardano is currently trading at $0.3713, which it last reached in February 2021. The 8th largest cryptocurrency by market cap has lost 88.07% since the ATH price. According to Pizzino, Solana, for example, is crushed under the power of bears.

According to Pizzino, Solana, another main name of the top 10, is in a similar situation to Cardano. However, it did not fall much compared to its rival. Solana is currently trading at $30.59, which is below the July 2021 low.

“Cardano is the weakest”

Comparing Cardano to Solana and Ethereum (ETH), according to Pizzino, he says Cardano is the “weakest” amid the three smart contract networks. According to the analyst, Ethereum is in a stronger position.

ETH is higher near $1,280 and it is still above the $880 low. So in a stronger position. Solana is slightly weaker and ADA is weaker than the three.

The supply of Etehreum has dropped by about 6,000 ETH, or about $7.9 million, since Oct. This marks the first deflationary attack of the Ethereum network. It’s been destroying more ETH than it has produced since moving from PoW to PoS through a merge a month ago.

However, Ethereum’s long-term outlook is always bearish due to macro strikes prompted by the Fed’s raising interest rates to hot inflation. ETH remains vulnerable to these risks due to its always positive correlation with US equities. Therefore, falling below the current ascending trendline will technically mean further decline.

Similar Articles

Comments

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Advertisment

Most Popular