Cardano (ADA), which is up more than 80% on the week, presents an interesting technical outlook. With Ethereum, which left $ 3 thousand behind, the levels to be visited in the coming days may be down, according to analysts.
Michaël van de Poppe warns for Ethereum and ADA
In a new video, Van de Poppe said that after breaking past a four-month high, Ethereum is now on its way to its next resistance at $3,500. However, the analyst warns that Ethereum could correct if it fails to break above $3,500.
As for Cardano, Van de Poppe says he has seen ADA recover in the short term before making any major corrective moves:
Highs here ( $1.30) seems very likely because this resistance point is bearish and then we make a corrective move towards $0.95 as people are still willing to take profits from positions. In that sense, I don’t expect a continuation yet… We’ll find ourselves a retest for a lower or potentially higher bottom before we start moving on.
What’s next for Cardano (ADA) after the last rally?
After experiencing one of the longest periods of decline in its history, Cardano may be in the midst of a relief rally, according to Jason Pizzino, whose analysis we have shared at Kriptokoin.com:
Basically Cardano one, two, three, four, five months down almost… Five months down is one of the longest, even the longest period in the ADA’s entire history to fall straight… The positive thing I can see from this is that it’s probably time for a relief rally. Markets found some sort of low around $0.70. It has found its way back to the previous $1 support level and it looks like we are attempting our next relief rally.
Crypto analyst adds that Cardano’s critical resistance level is around $1.20. He also says he wants ADA to pull back and establish a bullish high-low setup before potentially reversing the downtrend:
The best-case scenario for ADA at this point is if we catch this downtrend, break it, and then start slowing the bleeding. , I think this could give ADA the possibility of not seeing a price lower than $0.75…I don’t need to rush to jump into anything, especially when it starts to move. I think we’ll probably come back and test pricing in this area for $0.80, maybe up to $1 somewhere.
32282
