According to Van de Poppe ADA Could Hit $5.00, If Current Trend Continues
Michaël van de Poppe, a prominent cryptocurrency analyst and pro-trader draws the price path for Cardano (ADA). While, the crypto community awaits the Alonzo update roll-out that will bring smart contracts capability to Cardano blockchain, ADA broke $2 mark this morning, a level it hasn’t touched since May.
In a recent strategy session, van de Poppe shares with his YouTube subscribers that ADA is breaking out of key resistance levels as it moves upwards.
“Cardano is breaking through resistance, and we’ve had a slight consolidation and now a new breakout to the upwards momentum, in which I do remember correctly that we were saying – hey, the level around $1 is pretty much a very heavy support zone, could be a trigger for a long entry…
You can see that everything is waking up right now, but still facing heavy resistance zones. Bitcoin is doing that. Ether is doing that. Litecoin will be doing that. And now Cardano made a big breakout upwards, too.”
Despite Cardano’s big rally this morning, van de Poppe says that he does not recommend buying the altcoin right now at around $2.03 because of key price barriers.
“Should you be entering Cardano at this point? No. Cardano is currently facing this resistance here too … in which the entry point that you’re looking at is either this retest [around $1.47] or this retest here [around $1.33]. That is where you should be looking for a trade on Cardano because the stop-loss is very easy to place if you look for those entry points. If you don’t get it, move on. Move to the next.”
The analyst reveals what he sees as the target zones for Cardano should the coin continue following this track.
“What is the target zone if Cardano is going to continue moving? That is very simple. We are looking at a continuation with Fibonacci extension… The next target zones for Cardano in a new impulse wave is $3.35 and $5.00.”
IOHK Tweeted this morning that the launch date for Alonzo is scheduled for 12 September, so it will be interesting to see how the price will react after it goes live. ADA/USD could even go higher than $5. Maybe.
It’s happening.
We’re targeting 12 September 2021 for the ‘Alonzo’ upgrade, bringing smart contracts to Cardano via a hard fork combinator (HFC) event.
