Cardano News: High-profile crypto investor and analyst Jason Pizzino has compared Cardano‘s price action to Bitcoin and other crypto assets. Pizzino said that Ethereum rival Cardano (ADA) is doing well despite the late May crypto correction that rocked the markets.
Pizzino claims that ADA has performed well against the USD in the short term, facing heavy resistance in the $1.80 – $1.90 range and making higher lows. The trader expects ADA to perform well against the USD over the long term, but warns that the next rise of the asset may take some time.
“I don’t believe we will hit all-time highs or see five dollars anytime soon. I see this as a much weaker bull market. It will keep us in these ranges for a longer period of time so that we can reaccumulate a stronger bull market, strengthen the bottom and then take off.”
How is Cardano against Ethereum and Bitcoin?
Pizzino notes that the ADA/BTC chart looks relatively healthy, but volume is getting shallower, which can be a difficult factor to overcome. The analyst does not believe that ADA will reach new highs on a BTC basis anytime soon, but notes that Cardano is hovering around the local top of 0.00005 satoshi (sat).
As for ADA/ETH, Cardano could gain 15% or 20% in strength, but it doesn’t look unhealthy against its best rival, Pizzino says. ADA also “looks good” against Binance Smart Chain’s native token, BNB, but slightly better against smart contract platform Polkadot (DOT). Pizzino says ADA could pull back a bit against DOT or stay in the accumulation zone for a moment.
The asset that Cardano doesn’t seem very strong against is Solana (SOL), the scalable blockchain platform that has survived the market crash well, down just 5% in the last 30 days.
Pizzino used the following words:
“The SOL has been doing pretty well in the last few weeks after the crash and the rest of the market has either held steady or dropped. So SOL has been stronger for the past few weeks, but Cardano is holding its ground. We are not back to the old lows, that’s a good sign, we found resistance at the previous levels, it’s ok.”
While ADA seems to be range-bound in the short term, Pizzino emphasizes that Cardano is always a good bet for those looking to invest in the long term.
“Long term, I think we’re going to make some good gains here. Even if things don’t go as planned, I personally think it’s a buying opportunity.”