Cardano could trigger 290% rally before ADA Bull cycle ends, crypto analyst Jason Pizzino says

[ad_1]

Popular crypto analyst and trader Jason Pizzino predicts that Cardano could make a 290% move before its current bull cycle expires.

In a new strategy session, the technical trader tells his 205,000 YouTube subscribers that he thinks Cardano (ADA) has more gasoline in the tank.

Pizzino argues for the next step of ADA using Elliott Wave Theory, which predicts future price development by examining the psychology of crowds that tend to manifest in waves.

The theory suggests that a bull market follows a five-wave cycle where an asset picks up during waves one, three, and five while correcting waves two and four.

According to Pizzino, Cardano has already completed waves one through four and is now in the middle of the fifth and final wave.

“I am delighted to see the waves play the same way. This wave is therefore the most important (rise from $ 0.10 to $ 2.47). If you look at Elliott, then wave three is still the biggest wave. Wave 1 ($ 0.01 to $ 0.17 rally) and Wave 5 (current stage) are generally equal, it doesn’t have to be, but that’s what we can eventually see. To give us some numbers, we’re just going to speculate with some prices.

This is the second wave (withdrawal from $ 0.15 to $ 0.08)… And this is the fourth wave (correction from $ 2.47 to $ 1.00).

To calculate the height of Cardano’s fifth wave, Pizzino examines the strength of the first wave of ADA where it recovered by around 900% between April 2020 and July 2020.

“What do we get when we get a rate of 800% or 900% off the low we hit in June and July… That would get us to about our $ 8 mark… It’s going to get us up to $ 10 or $ 11. So keep this in mind if you are arriving late or thinking about the average dollar cost from this point on. All good races will come to an end.

At Cardano’s current value of $ 2.80, Pizzino’s top target of $ 11 marks upside potential of over 290%.

I

Don’t Miss a Beat Subscribe to receive crypto email alerts straight to your inbox Follow us on Twitter, Facebook and Telegram Surf The Daily Hodl Mix Check the latest news Disclaimer: Opinions Expressed in The Daily Hodl are not investment advice. Investors should do their due diligence before making high risk investments in Bitcoin, cryptocurrency, or digital assets. Please note that your transfers and transactions are at your own risk and that any loss you may suffer is your responsibility. The Daily Hodl does not recommend buying or selling cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in Affiliate Marketing.

Featured Image: Shutterstock / Sergey Nivens

[ad_2]