New Impulse Wave for Cardano? Analyst Michaël van de Poppe Outlines Path Ahead for Third-Largest Crypto Asset
Cryptocurrency analyst Michaël van de Poppe is analyzing Cardano’s path forward in the wake of Bitcoin rallying to a new 90-day high above $55,000.
In a new strategy session, Van de Poppe highlights the potential entry points for Cardano on the USD chart and says he believes the crypto asset is close to a bottom.
“If you want to buy Cardano at this point, I think you want to be looking at anywhere in this range here, aggressive in the area around $2.45. And also if we dip towards $1.75, that’s an entry point.”
Cardano is trading at $2.27 at time of writing, per CoinGecko.
The crypto analyst adds that he expects Cardano to continue climbing higher and approach its all-time high at $3.10.
“So what are we going to expect at this point? I’m assuming that we’re going to have a grind back up with Cardano against USDT for a little bit towards this all-time high region just like we have been seeing in November 2020, in which we grinded back up toward the all-time high region before we started to accelerate heavily.”
Looking at Cardano against Bitcoin (ADA/BTC), Van de Poppe outlines how the pair can restart its uptrend.
“We are making lower highs, lower lows… if we break above the area of 0.0000464 BTC ($2.50), that is the level that you should be looking at and then we’re going to have a new impulse wave.”
However, if bulls fail to push above 0.0000464 BTC, Van de Poppe says the pair could drop between 0.00003785 BTC ($2.04) and 0.000032 BTC ($1.72).
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of 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/Tithi Luadthong
Credit: Source link