Analysts warn of 3 altcoins from Binance listing as bearish momentum continues to build. In particular, Cardano may have to see new lows if it loses $0.30.
Jason Pizzino reveals some issues about Cardano
The popular analyst is warning his investors that ADA is on the verge of collapse as the bearish momentum continues to build. In a new video, Pizzino says that ADA could drop to $0.30 or lower as it breaks the support area one after the other:
I don’t think the ADA will hold up. I do not expect it to rise above $0.60 anytime soon. If we go back to $0.36, that will be much worse. Look at the low that came in May ($0.40). You can see that it has bottomed out, acting as resistance on the daily chart, and any bullish event with Bitcoin (BTC) could be less bullish overall.
Pizzino says that in a worse scenario where Bitcoin also falls, we will see historical bottoms for the ADA price:
When Bitcoin drops – when these corrections are made, it will be a hard blow to ADA as it is in a much weaker position overall on the macro chart here. I still think ADA looks like it will drop to these lows at $0.30 ($0.17).
ADA’s recipe for salvation
Pizzino says ADA’s only chance to avoid a collapse is if it rally abruptly this month. According to the analyst, ADA price must break above all supports in October and surpass $0.40. All the ADA bulls have to do next at this point is to stay in this area. According to Pizzino, “by the time that happens, the ADA is likely in trouble and will likely fall further.”
The leading altcoin may drop to 3 digits after this level
Pizzino also closely follows Ethereum (ETH), which he says started to come to life after rising gradually. The analyst emphasized the importance of a critical support for the leading altcoin.
It should bounce a little bit relatively soon. Good to see closes stay above $1,280. This is a good sign to see. Now, we just want to see it bounce when volume returns this week. Otherwise, he could be in trouble at $1,190. However, at least here we moved away from these particular lows at $1,000 and $880.
Chiliz price ready to make its next move as altcoin market stagnates
As you follow on Kriptokoin.com, the Chiliz price dropped to $0.160 on October 13 due to US inflation pressure. This volatility has crossed over to the other side as the bulls briefly take over the bears. It later hit a local top at $0.194.
Ranging from $0.160 to $0.194, this range currently determines what Chiliz price will do next. The recent surge in bullish momentum for Bitcoin, and by extension altcoins, is starting to look interesting. As for Chiliz price, traders can wait for a pullback to $0.179 which will start the next rise for CHZ. Analyst Akash Girimath says this move should turn the $0.194 high into a support base to reach the $0.208 resistance.
With technical data showing a bullish outlook for Chiliz price, traders should pay attention to the GIOM pattern. This metric shows that about 15,600 addresses that bought 1 billion CHZ at $0.217 are “no money”. Therefore, the rally described in the section above is facing a spike with selling pressure at $0.217 from traders looking to cope. As a result, the local top marks around $0.210 or $0.200.
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