A prominent cryptocurrency trader Michaël van de Poppe shares bullish price targets for smart contract platform Cardano (ADA). Trader’s analysis Cryptocoin. com we present it to you.
Michaël van de Poppe: Cardano’s next targets are $3.45 and $5.00
In a new video, market analyst Michaël van de Poppe tells 115,000 YouTube subscribers that he believes Cardano (ADA)’s rapid rise is not over yet. Cardano, the third largest cryptocurrency, has gained more than 110% in the past 30 days and recently broke the $2.50 level, a key resistance level that Cardano (ADA) had previously tested in May. Michaël van de Poppe provides the following analysis of the ADA’s target:
The level to watch is anywhere in this ($2.00-$2.50) range. If that’s true, I’m assuming Cardano’s next targets are $3.45 and $5.00.
“Cardano can easily run for $10 to $20”
If Bitcoin breaks its all-time high this cycle, Michaël Van de Poppe predicts “crazy” profits are likely for long-term Cardano holders.
Bitcoin’s 250,000-300. It is quite normal for it to go up to $ 000, so Cardano could easily run to $10 to $20 before returning to that level (currently around $2.50).
Trader uses a Fibonacci extension to indicate potential short-term price targets as Cardano climbs to all-time highs and concludes:
The next Fibonacci extension tools or Fibonacci extension levels will be $3.50 and $5.00 for Cardano in the next impulse wave. This is based on the last high of $2.50 and the last low of $1.02.
Alonzo token update triggers ADA rise to new record highs
Blockchain analytics firm IntoTheBlock shared the following data on Cardano’s performance last year:
ADA has surpassed the previous all-time high backed by the anticipated launch of smart contracts. A summary of YTD performance since launch, with 1,304.71% price increase and 1,484 million new owners (233% increase). Addresses in profit increased from 80% to 100%. Hodlers’ record number is 226,000.
ADA’s rise to new record highs comes just after Cardano (smart contract functionality) announced a target date for a recent Alonzo token update that will bring smart contract functionality to the Cardano ecosystem.