The cryptocurrency market has gone green this week after a long hiatus. While the President crypto Bitcoin managed to exceed $ 20 thousand, the President altcoin Ethereum rose above $ 1,500 with an eye-catching performance. Ethereum’s strong competitor Cardano (ADA) has also made a good breakthrough. However, one crypto analyst is warning his followers about ADA. The analyst says the ADA will risk major collapse if it fails to achieve certain goals.
“If he can’t do that, Cardano will probably go to the soles!”
Koindeks.com As you follow, the crypto market has broken its silence. The expectation that the Federal Reserve would slow down the rate of interest rate hikes brought a spring mood to the market. The leading crypto Bitcoin (BTC) broke the chains from the $ 19 thousand around it and came to the door of $ 21 thousand. Many major altcoin projects followed suit. Cardano (ADA), which is seen as the ‘Ethereum Killer’, also managed to gain about 15% on a weekly basis.
However, there are concerns that this spring is discontinuous in the crypto winter. Crypto analyst Jason Pizzino points to Cardano (ADA), which has seen a jump in price. Pizzino says Cardano is likely to drop below the 22-month low it reached earlier this month unless it consolidates above the current price. In this context, the analyst makes the following statement:
Here ($0.17 to $0.33) was the last capitulation zone. We hit $0.33 so far. ADA fails to break above these previous reinforcement zones and I’m looking further down unless it rallies around $0.40 to $0.41, consolidates above these levels and then clears the logarithmic bear market downtrend.
Cardano is trading at $0.408, up just over 15% on a weekly basis at press time. However, the altcoin stands 87% away from the $3.10 ATH level it saw about a year ago.
Key levels in altcoin price to continue its rise
Jason Pizzino says that for Cardano to confirm the uptrend, ADA must break above the resistance zone around $0.50 – $0.70 price. From this point of view, the analyst draws attention to the following levels:
So $0.33 could be lower. However, we have to wait and see if we can get some measure of confirmation of consolidation above $0.41 and then breaking these previous $0.51 levels. This corresponds to the 50% level on the Fibonacci scale. On the occasion, $0.50 and $0.70 are key levels for ADA to move higher and climb higher later on.