Popular crypto strategy Michael Poppe analyzes Cardano’s (ADA) path as traders wait for the Alonzo update that will bring smart contracts to the blockchain.
In a new video, van de Popp says the island has overcome significant levels of resistance as it moves upwards.
“Cardano is breaking resistance and there could be a little consolidation and a new break towards upward momentum, which I remember-hey, that’s about $ 1, it’s quite a very, very serious support area, it’s going to cause a long introduction.…
You can see everything is waking up at the moment, but it still faces strong resistance zones. Bitcoin does that. Aether does. Lightcoin will. And now Cardano has made a big breakthrough, too.”
Despite the Cardano rally, Poppe says he is not proposing to buy cryptocurrency for about $ 1852 right now because of huge price barriers.
“Do you have to get into Cardano at this point? No, Cardano is facing that resistance right now … the entry point you’re looking at is either this retest [about$ 1.47] or this retest [about$1.33]. This is where you should look for a deal at Cardano, because stop loss is so easy to set up if you’re looking for these access points. If you don’t understand that, move on. Go to the next one.”
Van de Popp then sets out what he sees as the target price for Cardano if the coin continues its upward course.
“What’s the target zone if Cardano keeps moving? This is very simple. We’re thinking of continuing with the Fibonacci expansion … the next target areas for Cardano in the new wave of impulse are $ 3.35 and $ 5.00.”
l
Don’t miss a hit-subscribe to crypto email alerts delivered directly to your inbox
Follow us on Twitter, Facebook and Telegram
Check out The Daily Hodl mix
See The Latest News Headlines
Disclaimer: Hodl opinions are not investment advice. Investors Sho
