Home web3.0 Cardano (ADA) Unlikely to Make All-Time Highs in This Cycle, Says Macro Trader Jason Pizzino

Cardano (ADA) Unlikely to Make All-Time Highs in This Cycle, Says Macro Trader Jason Pizzino

Nov 16, 2024 am 04:30 AM
cardano Explosive Breakout Market Strength

Jason Pizzino, a Macro trader and investor in crypto in his latest YouTube video has commented that Cardano (ADA) is unlikely to make all-time highs

Cardano (ADA) Unlikely to Make All-Time Highs in This Cycle, Says Macro Trader Jason Pizzino

Macro trader and crypto investor Jason Pizzino stated in his latest YouTube video that Cardano (ADA) is unlikely to reach new all-time highs in the current market cycle. According to Pizzino, ADA has not shown sufficient strength in the market this cycle to facilitate an explosive breakout.

“If Cardano is able to do $10 this cycle, then maybe come back at me. But apart from that, this thing could be just another waste of people’s time,” he told his subscribers.

The analyst compared ADA’s price action on the weekly timeframe to Solana’s (SOL). Notably, Solana (SOL) seems poised to reach an all-time high after it has achieved a series of rallies this cycle. There could also be a possibility of extended rallies beyond the all-time high.

“We got the breakthrough at 50%, $211. The price is still up and strength is still on its side, breaking highs and getting back to its previous all-time high at around $260,” he explained the SOL chart.

Running Out Of Time

Coming to Cardano, he said, “It’s like a plane…If you’re just sitting on the ground with the engine running, the fuel is just burning, but you still need to get from Australia to Europe. You’re running out of time. All that fuel is getting eaten up. And that’s what’s happening with the ADA holders.”

He stressed that ADA holders are sitting with the engine running, and should at least reach their all-time high of $3, and further. But they could possibly run out of time and may not reach an all-time high. However, in SOL’s case, we are back at these highs and getting ready to take off to the next price targets.

“And in the case of SOL, you’re looking at $260, then $312 and then in terms of an extension of the entire move that we’ve seen so far, somewhere around $400,” he shared.

Meanwhile, technical and on-chain analyst Ali Martinez X posted a chart recently, stating that “Cardano (ADA) will reach $6 by July – September 2025!”

Cardano is currently trading around $0.6508, up over 18% in the last 24 hours. Notably, a so-called golden cross is beginning to form on the daily price chart of ADA. This pattern is considered bullish and is formed when the lower moving average, usually the 50-day, crosses the higher moving average, usually the 200-day, from below to above.

Interestingly, the last time it appeared was almost exactly a year ago and preceded a 120% rise in the price of the Cardano token in the following three months.

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