A high market tech who received bullish on Cardano earlier than rising 92% explains the way it may “double or triple” from present ranges – and divulges why Solana has probably essentially the most bullish crypto … – Markets Insider

The Spanish bull, the national symbol of Spain, in front of a display board of the Madrid Stock Exchange

  • Leading technical analyst JC Parets made an upbeat call on the divisive crypto asset Cardano.
  • It paid off as the token has increased 92% since the call three weeks ago.
  • Insider spoke to Parets about what’s next for Cardano plus Solana, Helium, Dogecoin and Bitcoin.
  • Check out Insider’s business page for more stories.

Three weeks ago, the technical analyst JC Parets took a clearly optimistic stance on the controversial crypto token Cardano.

The third largest token by market capitalization is considered divisive in the crypto community as it is more centralized and has a leading role, which goes against some of the core principles of decentralized cryptocurrencies.

But Parets’ thesis was not based on the management of the crypto-asset. It wasn’t based on developer activity.

It was all based on price action.

He predicted that Cardano would bounce back if the price went above $ 1.40. And it did more than just gain, increasing 92%. It is currently at $ 2.70.

“When it comes to my favorite technical indicator,” Parets said, “the answer is simple: price.”

Even after more than 12 years in the industry as a technical analyst, Parets still keeps it simple, focusing on price and the pure tech specs. Market technicians like him study charts to find patterns and trends and the opportunities they signal.

“It all started when nothing else seemed to work,” said Parets, who had little success with fundamental analysis, which relies more on financial and economic data.

Technical analysis, on the other hand, works because the markets are trending, Parets said.

“The markets are exactly the same, a market that is trending up, making higher highs and higher lows, has a much higher chance of continuing to trend in that direction than just reversing a dime completely,” Parets said.

Parets and his team are passionate about price and share views on a range of asset classes, including crypto, on their blog, AllStarCharts.com.

“When it comes to cryptocurrencies, we just do the same thing we’ve always done, we analyze supply and demand and human behavior, and it has been incredibly beneficial,” said Parets, “and certainly gives technical analysts an edge in crypto Space because we don’t do anything else. “

With the price of Cardano now more than doubling, with Parets setting the key price level for a breakout, Insider sat down with him on Aug 26 to understand how he sees price movement on a number of tokens: Cardano, Bitcoin, Solana, Dogecoin, Helium and Bit Farming. Parets said he has positions in these cryptos other than Bitfarms and Dogecoin.

1. Cardano (ADA)

Cardano (ADA) Prize on August 27th
Cardano (ADA) Prize on August 27th

To successfully call the cardano price campaign. Paret looked back on the highs of the crypto markets in late 2017 and early 2018.

Cardano’s all-time high was around $ 1.40. Three years later, the token is back at this level.

“The bet was that if we break above $ 1.40 you could buy as much as you want,” Parets said. “And we did that and it worked out very well.”

With Cardano now trading at $ 2.70, Parets sees Cardano’s next all-time high, which was $ 2.50 in mid-May this year.

“How do I know the $ 2.50 level,” Parets said. “Those are the May highs. When we break out of those May highs, it’s very bullish. That’s the definition of an uptrend: higher highs, higher lows.”

However, if Cardano loses those May highs, it could turn into a whip or failed breakout that could lead to lots of downside or sideways moves, Parets said.

“About $ 2.50 and the sky is the limit,” Parets said. “I mean, we could be talking about $ 5.50, possibly $ 9.00.”

That outlook comes with a caveat, however, as both Bitcoin and Ethereum need to participate in the uptrend, Parets said.

This reflects a perspective technical analyst Katie Stockon highlighted in a recent interview.

“You have to reach new heights too,” Parets said. “I think if you see Ethereum back toward $ 4,300, Bitcoin back toward $ 65,000. I think Cardano will do very, very well in this environment, possibly double or triple from here.”

2. Bitcoin (BTC)

Bitcoin (BTC) price on August 27th
Bitcoin (BTC) price on August 27th

While the Bitcoin surge could be positive for Cardano and other crypto tokens, it could be a worrying sign for the broader market if it moves in the opposite direction to an important price level of $ 46,000.

If Bitcoin drops below $ 46,000, investors may want to invest more money than being long crypto, Parets said.

This price level was identified by examining the main support levels from February and April of this year.

3. Solana (SOL)

Chart of Solana (SOL) price on August 27 by Coingecko
Chart of Solana (SOL) price on August 27 by Coingecko

Solana is one of the hottest tokens in the crypto market right now and also the most optimistic crypto chart out there in terms of price action, Parets said.

“If Solana is over $ 60, we can own it,” Parets said. “I think it’s going to be $ 120, maybe even $ 180. But if it’s under $ 60. I think that’s a big problem. $ 60 is a very similar level to Cardano’s $ 2.50.

“I think you have to be over $ 60 to be Long Solana, but it’s very interesting to me.”

4. Dogecoin (DOGE)

Dogecoin (DOGE) course on August 27th
Dogecoin (DOGE) course on August 27th

While Parets is bullish on a number of crypto assets, he’s more pessimistic on Dogecoin.

And not because it’s volatile.

“You don’t want to stay away from something just because it’s volatile. You can just adjust your position size,” Parets said.

The meme crypto token associated with major crypto bull rallies usually rises as Ethereum and Bitcoin rebound. It’s a classic trade that many in the crypto market are familiar with, as pointed out by crypto trader Scott Melker.

But with a key price level of $ 0.29 for Dogecoin, it looks bearish.

Dogecoin is currently trading at $ 0.28, a point at which Parets recommends leaving it alone as there is likely too much downside risk.

“If we’re over 29 and 30 cents, I think you can own it,” Parets said. “And from here we could double or triple.”

5. helium

Chart of Helium Network (HNT) Token Price on August 27 from Coingecko
Helium Network (HNT) Token Price on August 27th

In the more obscure corners of the crypto market, Parets keeps an eye on Helium, and only partially because he is trying to mine the blockchain tokens as a “scientific experiment”.

Helium is a public blockchain designed to incentivize the creation of a physical, decentralized wireless network. People who set up hotspots will be rewarded with Helium tokens, currently trading at $ 22.45.

Above $ 21 is a good time to own it, with the next target being at $ 29, but if below $ 21 it’s a big problem, Parets said.

6. Bit farms (BITF)

Bitfarms share price on August 27th
Bitfarms (BITF) share price on August 27th

In the world of crypto mining, Bitfarms also catches the eye of Parets due to the unusual option activity surrounding the stocks. AllStarCharts.com is conducting an under-the-hood screening report for customers looking for an unusual surge in investor interest.

“Just because we see unusual option activity doesn’t mean we want to buy it,” Parets said. “It’s a terrible strategy.”

But in the case of Bitfarms, it has been flagged and offers an interesting risk / reward ratio that is heavily skewed in favor of investors.

At $ 5.65, the stock is nowhere near Parets’ key price of $ 7.40.

However, if it gets past that point, it could be a great way to get known outside of crypto wallets, he added.


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