Is it time to watch out with Cardano? Analyst Michaël Van De Poppe examines what’s subsequent for the explosive altcoin – The Every day Hodl

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Crypto analyst Michaël van de Poppe looks at Cardano, which, according to CoinGecko, is up a staggering 116% in the past 30 days and 2,400% in a year.

Van de Poppe says there is now a “massive” chance that Cardano will decline significantly after its epic breakout.

“If you are looking to buy Cardano now, the likelihood of a significant drop and drop in your entry based on the daily timeframe is enormous. This means it can easily correct 25-30% and is still bullish. But you are down 25% while at those lower levels you may get a better entry. “

At the time of writing, Cardano is trading at just under $ 3.00 and Van de Poppe says he would prefer to buy at or below $ 2.45 as such an entry point offers a better risk / reward ratio.

“The real pain is on the downside. That doesn’t mean Cardano can’t keep running. It can. But you have to wait or look for levels that are interesting to see to actually get started …

I would look for about $ 2.45 and second, I would look around the area where we have about $ 2. “

Van de Poppe says the profit taking target zones are at or above $ 4.40.

“What is the next target zone for Cardano based on the impulse waves? Well, of course you can use the Fibonacci extension based on the previous pulse wave which allows you to target $ 4.75 and $ 6.80. You can also do it based on the last run and that comes down to $ 4.40 and $ 6.50. “

The analyst says that the Cardano / Bitcoin (ADA / BTC) chart shows signs of a retracement for the third largest cryptocurrency by market capitalization.

“Has Cardano finished running now? I don’t think so. But it shows that we may get such corrective action at this point, as did the daily newspaper [time frame] on the bitcoin pair [ADA/BTC] doesn’t really give strength. So the scenario we have here shows us a possible corrective action. “

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Disclaimer: Opinions expressed on The Daily Hodl are not investment advice. Investors should do their due diligence before making high-risk investments in bitcoin, cryptocurrency, or digital assets. Please note that your transfers and trades are made at your own risk and that you are responsible for any losses. The Daily Hodl does not recommend buying or selling 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 / Design Projects / Andre Boukreev


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