Popular crypto trader Jason Pizzino is updating his views on Polygon (MATIC), Solana (SOL), and Cardano (ADA).
In a new video update, Pizzino tells his 279,000 YouTube subscribers that Blockchain scaling solution Polygon could see a drop of more than 30% from its current price of $0.798 if it hits a high time frame support level.
“[MATIC’s] held up relatively well between $0.70 and $1.00. But we’re just now starting to get that little glitch with the lower highs forming here on MATIC on the weekly chart…
And I would probably put some stops in play below that $0.70 level because that could then shoot us back to these $0.57 highs and possibly some of the lows around $0.30 to $0 .40 tests. But step by step. These lows break here and are likely to go back to the mid $0.50 to $0.60 on MATIC.
Looking at Solana, he says Ethereum’s rival (ETH) never really recovered from the FTX collapse and could fall as low as $8 or $9.
“For Solana, we were looking at a slow grind area, should the market be able to hold it at $12 or $13 or $14 here. But it looks like it’s trying to retest this low at $11. Otherwise, if it could bounce pretty quickly after the FTX scandal, this would have been the healthy recovery here above the $25 level. But nevertheless, this is likely to go down again.
This will probably go to that ‘HODLer Tears’ section if $11 is included at this point…It’s a complete loss so far of 95% to 96% from its all-time high…If we go back to these lower levels, somewhere between that $8 and $9, you start getting a 97% loss.
At the time of writing, Solana hands are trading for $12.19.
Pizzino also says ADA will likely fall further to just below $0.20 before finding support.
“I would look closer to the teens at the $0.20 area… We’ll see if this eventually forms a bottom pattern and then a breakout to the upside.
In general, this is going to take a long time for many of these cryptocurrencies. They have hardly tried to test the downtrend of the bear market in the logarithmic way [chart]and for the linear one [chart] they keep breaking to test previous resistance levels. We are now basically in no man’s land for ADA. So it’s going to start hurting quite a bit more here in the coming weeks and months.
At the time of writing, ADA is changing hands for $0.255.
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