Renowned cryptocurrency analyst Jason Pizzino updates his technical analysis for Solana and Fantom. The analyst shared more details about an altcoin that he expects to drop more than 50% in the short term.
According to Jason Pizzino, these 3 altcoins are ready for hard moves in the short term
The popular analyst said that Cardano investors will see further declines even after this year’s severe correction. Pizzino warns that the ADA price will drop by more than 50%. Despite the smart contract platform’s recent core growth, Pizzino said in a new video that ADA will launch another sale if it fails to maintain a significant level of support. According to Pizzino, the ADA price will melt to $0.26 in this scenario:
If it fails to hold $0.38, this zone will likely trend towards $0.26 to $0.38… It needs to climb above the around $0.38 to $0.40 level pretty quickly. Otherwise, we’re going to have a slightly harder time. We will likely see lower prices in the coming months.
Cardano is currently trading at $0.367. A move towards Pizzino’s target means ADA will drop by more than 53%.
“If Solana (SOL) breaks $29”
Pizzino predicts “further collapse” on Solana (SOL) if it drops below $29. For later levels, the analyst says:
The situation will be a little more problematic if Solana closes below this level of roughly $29.80, $29.90 or $29. It will likely head towards the previous low of $25 to $26. Here for the end of the day closing and the weekend [closing] for Solana, this is what you have to be careful of. Otherwise, this will likely point more to other cryptos coming in.
Solana is currently trading at $29.80. It has been in a downtrend since last week at $34.
Phantom (FTM)
Phantom (FTM) could drop further, as “most altcoins,” Pizzino predicts. The popular smart contract platform has been in a downtrend since August. It lost more than half its value in the process. The analyst predicts that if the trend continues, FTM price will reach $0.09 and then new lows:
Phantom recently tested new lows ($0.2062). It looks pretty fragile. However, from the high to the current low, the price fell 94.6%. I believe most altcoins still have some time left. Therefore, if this goes a little lower, we could see a drop as low as $0.09 or even lower. It is currently at $0.20, which indicates that the price will decrease 50% more.
As you follow on Kriptokoin.com, FTM is currently trading at $0.2065. It’s up 1.5% over the last 24 hours.
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