Well-liked crypto dealer Jason Pizzino is updating his outlook on Polygon (MATIC), Solana (SOL) and Cardano (ADA).
In a brand new video replace, Pizzino tells his 279,000 YouTube subscribers that blockchain scaling resolution Polygon may see a greater than 30% decline from its present value of $0.798 if it takes out a excessive timeframe help stage.
“[MATIC’s] been holding up comparatively nicely between $0.70 and $1.00. However we’re simply beginning to get that slight breakdown now with the decrease tops forming right here on MATIC on the weekly chart…
And I’d most likely be setting some stops in play beneath that $0.70 stage, as a result of that might then shoot us again down to those peaks of $0.57 and doubtlessly testing a few of the lows across the $0.30 to $0.40. However one step at a time. These lows break right here, most likely going to move again in the direction of the mid-$0.50s to $0.60 stage on MATIC.”
Solana, he says the Ethereum (ETH) rival by no means actually recovered from the FTX collapse and will plummet to the $8 or $9 vary.
“For Solana, we have been taking a look at a sluggish grind space ought to the market be capable of maintain up right here at $12 or $13 or $14. Nevertheless it seems to be like it’s making an attempt to check this low once more at $11. In any other case, if it was capable of bounce fairly shortly after the FTX scandal, this may have been the wholesome restoration right here above the $25 stage. However, nonetheless, that is most likely going to move again down.
That is most likely going to move into that ‘HODLer Tears’ part if $11 is taken out at this level… It’s at thus far a 95% to 96% full loss from the all-time excessive … If we return to those decrease ranges, someplace between that $8 and $9, you begin to get round a 97% loss.”
At time of writing, Solana is buying and selling palms at $12.19.
Pizzino additionally says ADA is prone to decline additional to only under $0.20 earlier than discovering help.
“I’d be trying nearer in the direction of the teenagers to the $0.20 space… We are going to wait to see whether or not this will get a backside sample forming ultimately after which a breakout to the upside.
General that is going to take a very long time for lots of those cryptocurrencies. They’ve barely tried to check the bear market downtrend on the logarithmic [chart], and for the linear [chart] they proceed to breakdown to check earlier resistance ranges. We’re mainly sitting in a no man’s land proper now for ADA. So it’s going to be a good bit extra ache right here concerned over the approaching weeks and months.”
At time of writing, ADA is altering palms at $0.255.
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