Cardano (ADA)Crypto NewsEthereum (ETH)

Crypto analyst predicts Wild Cardano (ADA) price swing and sets a downside target of one Ethereum rival

A popular crypto analyst known for timely altcoin calls says wild volatility could be at play Ethereum challenger Cardano (ADA).
The pseudonymous trader, known as Pentoshi, tells his 584,000 Twitter followers that Cardano is likely to see a big bounce after a strong and prolonged downtrend.

According to the analyst’s chart, Cardano could reach its initial target of $0.64. Above this level, the next target is in the $1.00 to $1.10 range.

“ADA update:

Eventually this will have a pretty wild mean reversion.

I certainly wouldn’t go short here (would wait for a nice bounce if it declines on purple sometime in July).
Source: Pentoshi/Twitter
At the time of writing, ADA is exchanging hands for $0.45.

Pentoshi is also eyeing another Ethereum (ETH) rival for potential opportunities.

According to the retailer, the smart contract platform Solana (SOL) endure more pain as long as it stays below the $130 mark. He says SOL is on track to $20 before year-end but with recovery rallies in between, potentially in the $60 and $80 areas.

“SOL update:

I think this will trade around $20-22 later in the year. Give it another three to five months, maybe with a stronger boost or something in between.”
Crypto analyst predicts Wild Cardano (ADA) price swing and sets a downside target of one Ethereum rival, Crypto Trading NewsSource: Pentoshi/Twitter
At the time of writing, SOL is trading at $33.42.

There Bitcoin far below his all-time high and is still in an unrelenting downtrend, Pentoshi answers a question from one of his followers about the possibility of BTC never fully recovering.

According to the analyst, Bitcoin is in a strong long-term cycle of greedy rallies and fear-driven corrections, and there are no signs of it ending anytime soon.

“How many times has BTC died?

If you believe it won’t come back, then you believe that human greed and fear are gone. Look what is painted on the map.

Your fear turns into someone else’s greed. The cycle repeats itself. The only thing the markets do is get rid of the weak, then new growth comes…

Just as off-season contains the word season, which itself implies seasonality, not something eternal. The markets need to shed the ballast. All things in life are cyclical. You cannot defy the laws that govern the universe.”
Check the price action

Featured image: Shutterstock/Shacil/Mingirov Yuriy

Source: Crypto News Deutsch

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