Jason Pizzino: Cardano (ADA) Must Hold A Key Support Level To Stay Bullish

Jason Pizzino, a prominent crypto market analyst and trader, draws a key support level that Cardano (ADA) should defend in order to remain in a bullish market structure.

In a recent video, Pizzino shares with the 243K subscribers on his YouTube channel that ADA still remains in a macro bullish trend, regardless of the notable downward movement from its $3 all time high level.

“The overall trend at the moment is still a major bull market.

I’d probably not call that a bull market anymore if we broke the lows at around $0.90 to a dollar, but at the moment, this week has closed above the 50% [Fibonacci level], so it’s still quite strong. $1.60 and the 50% is at a $1.59 so that’s $0.01 above as well, so just little subtle signs there.”

The analyst also points out that ADA’s rapid down slide this month suggests that the digital asset’s multi-month corrective period might be coming to an end, but it’s difficult to say if a reversal will actually happen.

“You can see how much, how quick it starts to fall towards the end. And from this point, I am saying ‘potentially’ the end. I can’t say for sure it is, but it’s quite often that you get a very sharp move towards the end of the downtrend and then a reversal…

I don’t see a reversal yet, but the first sign is there for me that the market has taken a sharper turn down.” 

ADA is trading at $1.58, with 6.82% loss on a weekly chart, at the time of writing.