Crypto analyst Michaël van de Poppe says Cardano (ADA) isn’t far away from bottoming out and potentially resuming its long-term uptrend.
In a new strategy session, Van De Poppe tells his 161,000 YouTube subscribers that Cardano has a strong support at the $1.00 level, and the level could act as a launchpad for future rallies.
According to the analyst, ADA is likely to find support in the near future and end its current downtrend.
“Most likely we’re going to find [support] relatively soon given the fact that we are testing this support for a dozen times already, seeking liquidity that is beneath this support in which we’re dipping into this level that has been tested many times, and is a high timeframe support…”
As for price targets for ADA, Van De Poppe sees the smart contract platform targeting as high as $6.00 on its next rally, as long as it can cleanly break the $1.50 and $2.30 ranges.
“What is the actual price prediction when it comes to this? It’s hard to say, if we’re breaking $1.50, I think we can actually start continuing towards $2.30 and maybe even the highest at $3.00. If we really have a new impulse wave, we can start targeting the next one, which is $4.45 and potentially $6.00.”
At time of writing, ADA is trading at $1.16, down over 62% from its all-time high.
ICheck Price Action
Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/O-IAHI