Van de Poppe Predicts Massively Bullish Future for Cardano (ADA)
Michaël van de Poppe, a prominent crypto analyst and pro-trader is shares a bullish price targets for the smart contract platform Cardano (ADA).
In a recent video, the market analyst shares with his 115K YouTube subscribers that he believes Cardano’s massive rise is not over yet.
Van de Poppe says that the third-largest crypto asset by market cap, has appreciated by more than 110% in the past 30 days and recently broke through the $2.50 level, which is a key resistance level that ADA previously tested in May.
“The level to watch is anything in this [$2.00-$2.50] range. If that holds, I’m assuming $3.45 and $5.00 are next for Cardano.”
Assuming that Bitcoin pushes past its own all-time high this cycle, “insane” profits are likely for long term Cardano holders, the trader predicts.
“Bitcoin going towards $250,000-$300,000 is quite normal, meaning that Cardano can easily run to $10 to $20 before it comes back to this level [around $2.50].”
Van de Poppe uses a Fibonacci extension to indicate potential short-term price targets as Cardano reach new all-time highs.
“The next Fibonacci extension tools, or Fibonacci extension levels, are [$3.50] and [$5.00] for Cardano in the next impulse wave. That is based on the recent high [$2.50], recent low [$1.02].”
Blockchain analytics firm IntoTheBlock recently shared data related to Cardano’s performance in the past year.
“ADA blasted through the previous [all-time high] propelled by the anticipated launch of smart contracts. A recap of the performance YTD [year to date]. 1,304.71% price increase. 1,.484m [sic] new holders (233% increase). Addresses in profit increased from 80% to 100%. Record number of hodlers (226,000)”
$ADA blasted through the previous ATH propelled by the anticipated launch of smart contracts
A recap of the performance YTD 1,304.71% price increase 1,.484m new holders (233% increase) Addresses in profit increased from 80% to 100% Record number of hodlers (226k) pic.twitter.com/z2djfMGnG3
ADA’s latest rally to new all-time highs comes as an aftermath of Cardano’s recent announcement of a target date (September 12, 2021) for the token’s upcoming Alonzo upgrade, which will bring smart contract functionality to the Cardano ecosystem.
