A prominent crypto trader shares his bullish price targets for the smart contract platform Cardano (ADA).
In a new video, market analyst Michaël van de Poppe tells his 115,000 YouTube subscribers that he believes Cardano’s meteoric rise is not over yet.
The third largest crypto asset has appreciated more than 110% in value in the past 30 days and recently broke the $ 2.50 mark, which Van de Poppe said is a major resistance value that the ADA previously tested in May.
“The level to be observed is all there [$2.00-$2.50] Area. If that’s true, I’ll assume $ 3.45 and $ 5.00 are next up for Cardano. “
If Bitcoin hits its own all-time high this cycle, Van de Poppe predicts that long-term Cardano holders are likely to make “insane” profits.
“Bitcoin, which is heading towards $ 250,000 to $ 300,000, is perfectly normal, which means Cardano can easily go up to $ 10 to $ 20 before returning to that level [around $2.50]. “
The trader uses a Fibonacci extension to indicate potential short-term price targets as Cardano climbs to new all-time highs.
“The next Fibonacci expansion tools or Fibonacci expansion levels are [$3.50] and [$5.00] for Cardano in the next wave of impulses. That is based on the recent high [$2.50], recent low [$1.02]. “
Blockchain analytics firm IntoTheBlock recently shared data on Cardano’s performance over the past year.
“ADA broke the previous one [all-time high] driven by the expected introduction of smart contracts
A summary of the YTD performance [year to date]
1,304.71% price increase
1.484m [sic] new owners (233% increase)
Addresses in profit increased from 80% to 100%
Record number of hodlers (226,000) “
Source: IntoTheBlock / Twitter
ADA’s rally to new all-time highs follows Cardano’s recent announcement of a target date for the upcoming Alonzo. of the token Update, which will bring smart contract functionality to the Cardano ecosystem.
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