A widely-followed crypto analyst says that smart contract platform Cardano (ADA) may finally be awakening from a months-long hibernation.
In a new strategy session, crypto analyst Michaël van de Poppe tells his 162,000 YouTube subscribers that the hype and positive sentiment surrounding Cardano is “waking up.”
“We can see that the momentum, or the actual hype around Cardano, is waking up again. So, what should you be looking at if you want to get into Cardano?”
The crypto analyst then names several important price zones that ADA could find support at before igniting a new rally.
“I think it’s crucial that we have to break through that resistance zone [around $1.31] to have another trigger. So, the first one is looking at a potential long at this zone [$1.31]. The second one is we flip this level [$1.55] and consolidate and get a trigger based there [$1.28]. That is the second entry zone that you could be looking at.”
Wherever Cardano finds support, Van de Poppe predicts the sleeping giant sees major gains.
“And then we can start targeting a rally all the way towards $2.00 as the next target zone or potentially even towards $2.33 as that is the next target zone for Cardano.”
Cardano is trading at $1.49 at time of writing, up 5.17% on the day but down 52.4% from its September 2021 all-time high. ADA is up 27% in the last seven days, and at one point was up over 30%.
Recently, Cardano development firm Input Output Hong Kong (IOHK) announced how it plans on scaling the network in 2022. One of the goals outlined by the firm was the addition of sidechains, which are separate blockchains connected to the main chain that allows for the transfer of assets in between them.
“Assets can be moved between chains as needed. One single parent chain can have multiple interoperable sidechains connected to it, which may operate in completely different ways.”
I
Check 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/4kstock/Mingirov Yuriy
Source: https://dailyhodl.com/2022/01/17/top-crypto-analyst-says-cardano-ada-has-woken-up-here-are-his-targets/