Van de Poppe Draws Critical Support Levels For Cardano ADA Against BTC & USD
Michaël van de Poppe, a prominent cryptocurrency analyst and pro-trader is drawing the critical support areas for Cardano against both the US dollar and Bitcoin (BTC).
In a recent strategy video, the trader shares with his 118,000 YouTube subscribers that he’s looking at three price levels where ADA/USD might bounce in the event of a correction.
“We might be seeing a slight bounce back up before we start correcting even more given the fact that Cardano has been going vertical… So when we’re looking at swing trade opportunities for Cardano this zone ($2.00) as you see, that’s marked already, that’s giving you an opportunity to look for a swing trade. Another one is around $1.80. The third one [is] around $1.50.”
Van de Poppe is expecting ADA to retrace in short-term, but the trader is still bullish on Cardano’s native token, as he’s target sits 60% higher from its current price of $2.88.
“[The] targets are pretty much the same: $3.30 and $4.80 around [the] 4.618 [Fibonacci level], but you’ve got a few more target points in between.”
Regarding ADA/BTC, the pair has a history of correcting “after these vertical moves,” says the crypto analyst
“When we’re looking at the Bitcoin pair, at this point, we can see that we’ve also got support levels [that it] did not hit yet. Corrective move, a very vertical move, we know what happened after these vertical moves. So anywhere in this range (0.00004635 BTC or $2.26) I’d also be looking at heavy longs.”
