{"id":33314,"date":"2022-10-27T17:10:33","date_gmt":"2022-10-27T17:10:33","guid":{"rendered":"https:\/\/egrowonline.com\/?p=33314"},"modified":"2022-10-27T17:10:33","modified_gmt":"2022-10-27T17:10:33","slug":"top-crypto-analyst-issues-warning-on-cardano-says-ada-risks-large-crash-if-it-fails-to-hit-these-targets","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=33314","title":{"rendered":"Top Crypto Analyst Issues Warning on Cardano, Says ADA Risks Large Crash if It Fails To Hit These Targets"},"content":{"rendered":"


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Widely followed analyst and trader Jason Pizzino is urging caution on Cardano (ADA<\/a>) amid the eighth-largest crypto asset by market cap recording a bounce in price.<\/p>\n

Pizzino tells his 278,000 YouTube subscribers that Cardano could drop further below the 22-month low it reached earlier this month unless it consolidates above the current price.<\/p>\n

\u201cWe had the final capitulation zone here \u2013 $0.17 to $0.33. We hit dead on $0.33 so far. <\/em>I\u2019m looking further down unless ADA can get back above these previous support zones and that is around $0.40, $0.41 and consolidate above those levels and then look to take out the logarithmic bear market downtrend.\u201d<\/em><\/p>\n

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Source: Jason Pizzino\/TradingView<\/figcaption><\/figure>\n

Cardano is trading at $0.4052 at time of writing, up by a little over 10% over the past seven days.<\/p>\n

The crypto analyst and trader says that for Cardano to confirm a bullish trend, the eighth-largest crypto asset by market cap needs to rise above the resistance zone around the $0.50 \u2013 $0.70 price.<\/p>\n

\u201cSo $0.33 could be the low. But we need to wait and see whether we get some confirmation of consolidating above $0.41 and then breaking these previous levels of $0.51, that\u2019s the 50% level [on the Fibonacci scale]\u2026<\/em><\/p>\n

So $0.50 and $0.70 are the key levels for ADA to start to climb above, in order for ADA to then start to flip bullish.\u201d<\/em><\/p>\n