The crypto market has had a negative week, with Cardano and Solana faltering due to network news and hacks. US CPI Rates anxiety increased market stress. The total crypto market cap plunged by $30.4 billion to $876.3 billion.
On October 16th, Major cryptocurrencies were trading in the red early during early Asian trading hours. Seems like the bears are still holding the upper hand, Crypto strategist Jason Pizzino Jason Pizzino Jason Pizzino [email protected] InvestorMarket Analyst Followers : 0 View profile in his recent video issued a warning for 3 altcoins: Cardano, Solana, and Fantom
Despite Cardano’s recent fundamental development, Analyst predicts that ADA might trigger another sell-off if it fails to hold a crucial support level.
- The final zone of capitulation has been examined for ADA between $0.17 and $0.33, with the lows currently being $0.35. It will most likely trend between this range of $0.26 to $0.38 if it can’t hold that $0.38—we’re currently at $0.378—but only if it can.
- The price needs to immediately rise back above that $0.38 to $0.40 range. Else, it’s going to be yet another tough period. Consequently, prices will likely decline in the upcoming months.
- At the time of writing, one Cardano is worth $0.367. There is a risk of more than 53% for ADA if it moves to Pizzino’s objective.
In regards to Solana (SOL), another smart contract technology, the crypto expert predicts “further difficulties” if the price of this competitor to Ethereum (ETH) drops below the $29 mark.
- If Solana falls to a closing price of $29.80 or $29.90, or $29, it will be in further danger and may revisit its prior low of $25 to $26.
- That’s what you need to keep an eye on, first as the day comes to a close here and then as the week draws to a conclusion for Solana.
- However, if this continues, it’s likely that the remaining cryptos will eventually give up as well.
- At present, a share of Solana is worth $30.05.
Pizzino also references the smart contract-enabled blockchain Fantom (FTM), which he predicts could decline further like “most altcoins.”
Fantom has recently tested new lows ($0.2062) It appears to be quite frail. But from the high to the current low, there has been a 94.6% decline.
In his conclusion, Pizzino noted that there is a significant possibility for less well-known coins to gain market momentum in the upcoming months because all the major altcoins are anticipated to fall:
“For most altcoins, I believe there is still a good deal of time left. It could therefore fall anyplace below that $0.10 if this were to decline a little bit more. The price is at $0.20, thus another 50% off the present level will be achieved.
At the time of writing, the price of Fantom is $0.2085.