Top Analyst Says He’s Bullish on Ethereum and Cardano – But Another Altcoin Is Looking Stronger
Cryptocurrency analyst and YouTuber Jason Pizzino is considering several crypto assets as the market bounces off of its recent lows.
Pizzino tells his 190,000 YouTube subscribers that he’s bullish on Ethereum in the long run, although he expects ETH to drop against Bitcoin in the near term.
“ETH, it’s one of those ones I’m happy holding…
I still think it’s got a little further to fall. It is starting to slow. I wouldn’t be so surprised if I saw a little bounce here, maybe to 6%, maybe further just to come up and test these lows again before it keeps trickling down.”
The YouTuber says that Cardano (ADA) is also on his radar given that it maintained its value better than other altcoins amid the selloff.
“Cardano is looking strong. This is one of those tokens, one of those cryptos that I would be looking at purchasing if I see a base begin to form before other cryptos. Like I said, I’m not going alt shopping, but ADA is definitely high on the radar considering how strong it has been holding up.”
Pizzino says Solana (SOL) is looking even stronger than ADA, as it has held onto its BTC value since May 15th.
“SOL/BTC is dead on the same as it was on the 15th. So we haven’t lost any Bitcoin value from that [point]… That’s strong in my opinion, and like I mentioned earlier, there are now some alts which I would consider beginning to dollar cost average into.
Solana is one of those. Cardano is potentially another, but Solana looks a little stronger here. ETH is potentially another, but I’m still waiting on that.”
Pizzino says he is also eyeing the utility token of the Binance cryptocurrency exchange, Binance Coin (BNB).
The cryptocurrency analyst argues that it “is a good sign” that Binance Coin on the US dollar chart (BNB/USD) is currently above the 0.618 level on the Fibonacci indicator despite having fallen by around 50% since May 15th.
“Binance, it is down 50% from the 15th. Down around 50%… It is starting to find some support at the previous re-accumulation zone before it took off to its last top. Potentially [it] could break further. I’m just pointing out the obvious here that you can see it is starting to hold up. And we’re also on our 61% level which is a good sign.”
The Fibonacci indicator is a tool used by many traders to highlight levels of interest during market pullbacks. Traders often see signs of strength in an asset if it manages to stay above the 0.618 level in times of market corrections.
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