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.
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Source: https://dailyhodl.com/2022/01/10/cardano-bounce-in-sight-crypto-analyst-michael-van-de-poppe-reviews-ada-price-action/