Popular crypto analyst and trader Jason Pizzino predicts Cardano could pull off a 290% move before its current bull cycle expires.
In a new strategy session, the technical trader tells his 205,000 YouTube subscribers that he believes Cardano (ADA) has more gas left in the tank.
Pizzino makes the case for ADA’s next leg up using the Elliott Wave theory, which forecasts future price action by looking at crowd psychology that tends to manifest in waves.
The theory suggests that a bull market follows a five-wave cycle where an asset rallies during waves one, three and five while correcting through waves two and four.
According to Pizzino, Cardano has already completed waves one to four and is now in the midst of the fifth and final wave.
“I’m excited to see the waves play out similarly. So this wave is the biggest (surge from $0.10 to $2.47). If you’re looking at Elliott, then wave three is always the biggest wave. Wave one (rally from $0.01 to $0.17) and wave five (current leg) are generally equal, doesn’t have to be but that’s what we can possibly see. To give us some numbers, we’re just going to speculate with some pricing.
This is wave two (pullback from $0.15 to $0.08)… And that’s wave four (correction from $2.47 to $1.00).”
To calculate the height of Cardano’s fifth wave, Pizzino looks at the strength of ADA’s first wave where it rallied around 900% between April 2020 and July 2020.
“What do we get when we if we do an 800% or 900% from the low that was put in in June and July… That would bring us to around our $8 mark… Maybe we hit a 1,000% return from that point. That’s going to bring us up to $10 or $11. So keep that in mind if you’re getting in late or thinking about dollar-cost averaging in from this point. All good runs will come to an end.”
At Cardano’s current value of $2.80, Pizzino’s maximum target of $11 marks an upside potential of over 290%.
Cardano-Based DEX Announces Date of Testnet Launch
A major Cardano-based decentralized finance protocol is about to launch its testnet
Cardano-based decentralized exchange SundaeSwap has announced that its testnet launch is going to take place on Dec. 5.
Thousands of users will be able to try out one of the most notable projects on the Cardano network.
The purpose of the testnet is to discover some bugs and inefficiencies ahead of the upcoming mainnet launch.
It will also help the Input Output team to adjust the performance metrics of the network so that it can work smoothly under heavy load:
Our testnet is the perfect opportunity to put the new parameters under load so they can assess performance and further raise these limits.
Implementing such incremental changes will be crucial for making Cardano scalable enough for the decentralized finance sector.
In late September, SundaeSwap forged a partnership with Nervos, China’s top public blockchain.
Here’s What’s Next for Cardano, Shiba Inu, Terra and Two More Altcoins, According to Crypto Analyst
A popular crypto strategist and trader is plotting what could be ahead for Cardano (ADA), Shiba Inu (SHIB), Terra (LUNA) and two other altcoins.
Pseudonymous cryoto analyst Altcoin Sherpa tells his 154,100 Twitter followers that he is short-term bullish on ADA after the smart contract platform managed to stay above support at $1.48.
“ADA: Not a bad place for a long. Support/resistance level, 0.50 Fibonacci level too. I still wouldn’t hodl (hold on for dear life) this though. It would be a swing trade.”
At time of writing, Cardano is trading at $1.56, down 2.85% in the last 24 hours.
Next up is popular meme coin Shiba Inu. According to the crypto strategist, he’s expecting SHIB to ignite a quick bounce before resuming its downtrend unless the Dogecoin competitor manages to consolidate around $0.000047.
“SHIB: Short-term bottom is probably in. Expecting some sort of lower high to form. If this consolidates at the 0.50 [Fibonacci level], a more explosive move will come (But it’s going to take a much longer time in my opinion).”
SHIB is currently exchanging hands at $0.000048.
Another coin on the trader’s list is decentralized finance (DeFi) payment network Terra, which Altcoin Sherpa says is poised to erupt to new record highs.
“LUNA: Still a high time frame bullish [market structure], send to all-time highs.”
The fourth coin on the analyst’s radar is the blockchain-based game ecosystem The Sandbox (SAND). Altcoin Sherpa maps out two potential scenarios for SAND after the coin printed a bearish lower high structure.
“SAND: My plans are below. Let’s see where this goes. In general, I personally think a lower high just got printed, and we’re going to go lower. If a higher low comes, we will enter some consolidation, and then I’m guessing another push higher.”
The last coin is Theta Network (THETA), a peer-to-peer distribution platform for video content. According to Altcoin Sherpa, THETA can launch a massive rally once it takes out resistance at $9.61.
“THETA: When this moves it will be explosive. It’s been ranging for quite some time, and I think that this one usually has its own market cycle. I would not buy this as an active trade though.”
Is Cardano Price Ready For Bullish Reversal? Traders Watch These Crucial levels
ADA Price established a new high price of $3.08 two months ago. The altcoin has been struggling to keep up with its earlier stellar performances.
In November 2021, the Cardano price struggled. It began the month around $2 and then jumped more than 22% to a monthly high of $2.3766. It then plummeted 44.55 percent to $1.4235, a multi-month low.
Cardano Must Hold Critical Level
Cardano (ADA) must hold a key level to maintain its positive market structure, according to a well-known crypto strategist and trader.
Despite Cardano’s dramatic slide from its all-time high, crypto analyst Jason Pizzino assures his 242,000 YouTube subscribers in a new strategy session that the smart contract platform is still on a broadly positive trend. At the moment, the overall trend is still a huge bull market.
If we broke the lows at approximately $0.90, he wouldn’t call it a bull market anymore, but at the moment, we’ve closed above the 50% [Fibonacci level], so it’s still going strong. [It’s trading at] $1.60, and the 50% is at $1.59, so it’s $0.01 higher, so there are just a few minor indicators there.
Cardano’s significant decrease this month, according to Pizzino, could signal the end of ADA’s multi-month corrective period.
“You can see how much, how quickly it starts to fall towards the end. And from this point, I am saying ‘potentially’ the end. I can’t say for sure it is, but it’s quite often that you get a very sharp move towards the end of the downtrend and then a reversal…I don’t see a reversal yet, but the first sign is there for me that the market has taken a sharper turn down.”
According to public on-chain data, the number of active addresses on the Cardano ($ADA) network has lately increased from roughly 150,000 per day to over 480000, before plummeting back to 200,000.
The data shared by Messari shows that when the price of the Cardano fell, the number of active addresses unexpectedly increased. At the time of writing, the altcoin is trading at $1.58 and has declined by 2.7 percent in the last 24 hours.