The cryptocurrency market is in a state of flux, making it increasingly impossible to predict the next move. Ethereum is trading at $3.2k, while Bitcoin, the most popular cryptocurrency, is attempting to foresee a continuous growth while trading at $42k. The overall negative pressure is fast building, indicating that a dip is possible in the next few days.
In 2022, Cardano is one of the cryptos with the most potential to disrupt the cryptocurrency market. Cardano has recently witnessed a lot of activity, and it is expected to be one of the most important projects in 2022.
Cardano appears to be in a decent spot, but it will require a lot of bullish momentum and significant purchasing pressure to break through the $1.5 barrier. The ADA price, on the other hand, is expected to rise during the coming week as market sentiment improves slightly.
The coin’s price has recovered from its low point, with the currency nearly recouping its January price decrease in the first week. The industry’s attention is currently focused on the Cardano protocol modification that was recently announced.
Cardano Price Shows Signs of Recovery
As the market shows signs of recovery, crypto analyst and trader Jason Pizzino has laid out his forecast for Cardano (ADA), the 7th largest cryptocurrency by market capitalization.
Pizzino warned his adoring YouTube audience in a new strategic video that if Cardano (ADA) crosses the $1.40 price barrier from a low of $1.07, it may be entering bull territory.
The trader expects ADA to rise beyond $1.60, but warns that it may see short-term losses on the way there.
Analyst Made the Following Observation:
We would like to see ADA reach this point to mirror the prior ‘up’ range.” It’s essentially the same as looking at gears in a market.
We want to see the market at least reach or extend the up ranges it has established in the decline so you can see what the smart money is doing.
You can see that more individuals are purchasing, and the ranges are widening, so you could virtually presume or expect that the market will rise from there because strength is returning to the market.
The ‘up’ ranges are getting longer, and ADA’s price over the US dollar is currently about $1.40.
It’s approaching to the 50 percent threshold of $1.60, as well as the previous high of $1.64.
There are a couple minor levels on the way up that could trigger little short-term reversals. If that occurs, you can rest assured that the market will remain strong as long as the lows are maintained…
To summarise that data for ADA, the first level is about $1.40 on the US dollar pair, and then, to keep it simple, I want to see it go beyond $1.60, ideally $1.64, says the analyst.