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Polygon Showing Strength but Cardano and One Ethereum Rival Flashing Bearish Signal, Says Top Crypto Analyst

Analytics

dailyhodl.com 04 November 2022 17:55, UTC
  
Reading time: ~2 m

Cryptocurrency analyst Jason Pizzino is expressing bearish sentiment on two top-ten altcoins while signaling a bearish outlook on one altcoin.

Starting with Polygon (MATIC), Pizzino tells his 278,000 YouTube subscribers that the Ethereum (ETH) scaling solution is making higher lows, a bullish signal.

“Stuff that is making those higher lows is something like MATIC…

Look at the June and then look at the September and October lows – that is a higher low. Very very clear high low.

It doesn’t mean it can’t come back down, but you definitely want to see the market forming those higher lows and starting to put in some sort of strength.”

Polygon hit a low of $0.35 in June and is now trading at $0.96 at time of writing.

Next, the crypto analyst and trader says that Cardano (ADA) is forming lower lows, a bearish signal, while Ethereum competitor Solana (SOL) is close to falling below its June low.

“ADA, in particular, is forming lower lows…

Solana, as a quick look here on the chart, it is getting so close to that low. But it’s just not having that drive-through. So you really want to see that bounce up relatively soon.”

Cardano’s price in June ranged between a high of $0.64 and a low of $0.45 and is now trading at $0.39 at time of writing.

In June the price of Solana price ranged between $26 and $46 and is now exchanging hands at $31.91 at time of writing.


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