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A popular cryptocurrency analyst and trader charts the future course of Bitcoin (BTC), Solana (SOL) and Cardano (ADA).
Starting With Bitcoin, Crypto Trader Jason Pizzino To tell His 276,000 YouTube subscribers say the flagship crypto asset is facing an uncertain trend after hitting consecutive low highs for about a week.
Bitcoin is still holding up. But the trend is unclear for now. It has broken below its previous swing low of around $18,900, and its previous low in the last 24 hours was around $18,800 or $18,700.
In any case, the sun has set for the last 6 or 7 days.
Bitcoin is trading at $18,699 at the time of writing.
Turning to Cardano, Pizzino said the eighth-largest crypto asset by market cap is a weak horse after falling to a 20-month low.
Bad news for Cardano could negatively affect the rest of the digital asset market, according to crypto analysts and traders.
“ADA has reached a new low. It has hit $0.38 and is trending down. So if there is bad news, that market will capsize. The trend is clearly down and it has hit a new low. It’s more so than any other market because it’s much weaker, and that’s your weak horse.
Cardano is trading at $0.36 at the time of writing, the last level reached in February 2021.
Pizzino said rival programmable blockchain Solana is in a similar position to Cardano, but has not fallen as far. Solana is trading at $28.95 at the time of writing, reaching its end in July 2021.
Comparing the smart contract blockchains of Cardano, Solana, and Ethereum (ETH), Pizzino said Cardano is the weakest of the three. According to Pizzino, Ethereum is in a stronger position among the trio.
“Solana, similar. But it hasn’t broken new lows yet.
ETH is high around $1,280 and still above the $880 low. So we are in a stronger position.
Solana is slightly weaker and ADA is the weaker of the three.
Me
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Featured Image: Shutterstock/Fernando Batista
