A popular crypto analyst known for his timely altcoin call, Ethereum challenger Cardano (ADA) has said that some wild volatility may be involved.
A pseudonym trader known as Pentoshi tells 584,000 Twitter followers that Cardano could face a major bailout bounce after a strong and long downtrend.
According to analyst charts, Cardano was able to recover to his first goal at $ 0.64. Beyond that level, the next target will be in the range of $ 1.00 to $ 1.10.
“ADA Update:
Ultimately, this has a fairly wild mean reversion.
I certainly won’t short here (if someday in July it’s rejected in purple, I’ll wait for a great bounce to do that. “
At the time of writing this, ADA is exchanging hands for $ 0.45.
Pentosi is also looking to other Ethereum (ETH) rivals for potential opportunities.
According to traders, the smart contract platform Solana (SOL) will continue to overcome more pain as long as it is below the $ 130 level. He states that SOL is heading towards $ 20 by the end of the year, with a bailout rally in the meantime, probably in the range of $ 60 to $ 80.
“SOL Update:
I think this will eventually trade for around $ 20-22 this year. Perhaps put a strong bounce in the meantime and give it for another 3-5 months. “
At the time of writing, SOL is trading at $ 33.42.
Bitcoin is well below its all-time high and is still experiencing a constant downtrend. address A question from one of his followers about the possibility that BTC will not fully recover.
According to analysts, Bitcoin is in a powerful long-term cycle of greedy rallies and horrifying corrections, with no sign of an immediate end.
“How many times did BTC die?
If you believe it will not come back, you believe that human desires and fears are gone. Look at what is drawn on the chart.
Your fear turns into the greed of others. The cycle repeats. The only thing the market does is remove the weaknesses, which in turn will bring new growth …
Just as the word season is included in the alt season, it means seasonality in itself and is not permanent. The market must lose its own weight. Everything in life is cyclical. You cannot go against the laws that govern the universe. “
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Featured images: Shutterstock / Shacil / Mingirov Yuriy
