In style 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 worth of $0.798 if it takes out a excessive timeframe assist stage.
“[MATIC’s] been holding up comparatively effectively 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 might in all probability be setting some stops in play beneath that $0.70 stage, as a result of that would then shoot us again down to those peaks of $0.57 and doubtlessly testing a number of the lows across the $0.30 to $0.40. However one step at a time. These lows break right here, in all probability going to go again in direction of the mid-$0.50s to $0.60 stage on MATIC.”
Taking a look at Solana, he says the Ethereum (ETH) rival by no means actually recovered from the FTX collapse and should plummet to the $8 or $9 vary.
“For Solana, we have been a sluggish grind space ought to the market be capable of maintain up right here at $12 or $13 or $14. Nevertheless it appears to be like like it’s attempting to check this low once more at $11. In any other case, if it was capable of bounce fairly rapidly after the FTX scandal, this is able to have been the wholesome restoration right here above the $25 stage. However, nonetheless, that is in all probability going to go again down.
That is in all probability going to go 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 arms at $12.19.
Pizzino additionally says ADA is more likely to decline additional to simply under $0.20 earlier than discovering assist.
“I’d be wanting nearer in direction of the kids 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.
Total 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 principally 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 arms at $0.255.
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