dailyhodl.com
A widely followed crypto strategist and trader is highlighting a crucial level that Cardano (ADA) must hold to keep its bullish market structure.
In a new strategy session, crypto analyst Jason Pizzino tells his 242,000 YouTube subscribers that Cardano is still in a macro bullish trend despite the smart contract platform’s massive decline from its all-time high.
“The overall trend at the moment is still a major bull market.
I’d probably not call that a bull market anymore if we broke the lows at around $0.90 to a dollar, but at the moment, this week has closed above the 50% [Fibonacci level], so it’s still quite strong. [It’s trading at] a $1.60 and the 50% is at a $1.59 so that’s $0.01 above as well, so just little subtle signs there.”
At time of writing, Cardano is trading at $1.60, marking a 48% devaluation from its record high of $3.10.
Pizzino adds that Cardano’s steep decline this month indicates that the end of ADA’s multi-month corrective period may be on the horizon.
“You can see how much, how quick it starts to fall towards the end. And from this point, I am saying ‘potentially’ the end. I can’t say for sure it is, but it’s quite often that you get a very sharp move towards the end of the downtrend and then a reversal…
I don’t see a reversal yet, but the first sign is there for me that the market has taken a sharper turn down.”
At its current price, Cardano is down over 32% from its November high of $2.38.