Cardano appears to be gaining slowly as Bitcoin (BTC) has made a comeback when the El Salvador government declared BTC legal cash. While there is still a lot of bearishness in the market, if the momentum doesn’t change, ADA might crash again.
Cardano Price Analysis
Jason Pizzino, a well-known crypto trader, is comparing Cardano’s price to Bitcoin and other leading crypto assets.
According to him ADA seems to be holding up well against the recent crash and amicably performing well meeting heavy resistance in the $1.80 to $1.90 range and is making higher lows. He hints that it will perform well against the USD in the long term but for it to reach the next key level it might not happen any time soon.
He says that ADA Price might not be soaring to new all-time highs and crashing to five dollars any time soon. If that happens by any means then the bull market will be much weaker. A stronger bull market will keep us in these areas for longer, allowing us to accumulate, reaccumulate, and reinforce the basics before taking off.
The ADA/BTC chart appears to be in good shape, according to Pizzino, although “volume is drying up,” which could be a challenging aspect to overcome. The analyst does not anticipate ADA will achieve new highs in its BTC pair very soon, but does note that Cardano is currently trading at 0.00005 satoshis, which is a local high (sats).
According to Pizzino, Cardano may bull pack by 15% or 20% versus its leading competition, but it does not appear unhealthy. ADA also “looks okay” against BNB token, but “looks a little better” against smart contract platform Polkadot (DOT). The Altcoin may take a step back versus DOT or stay in an accumulating zone for a while.
Though ADA appears to be range-bound in the short term, Pizzino adds that Cardano is a strong choice at any moment for long-term investors.
“In the long run, I believe we’ll see some big profits here, and if things don’t go as planned, I believe that will be a buying opportunity.”
Cardano does not appear to be as powerful versus scalable blockchain platform Solana (SOL), which has fared well in the market meltdown, falling only 5% in the last 30 days.