Cardano may be preparing for an 800% rally, says cryptoanalyst Michaël van de Poppe
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Cardano – a coin that currently occupies the position of the 5th largest cryptocurrency by market capitalization – according to analyst Michaël van de Poppe, may have an interesting growth of hundreds of percent.
Michaël van de Poppe on the growth of Cardano
A popular cryptoanalyst says investors who have bought Cardano (ADA) may witness another big price rally this year. At the same time, Michaël van de Poppe says that Cardano has been on a downward trend against BTC since the end of June. The two key price support levels need to be maintained so that the ADA can bounce back on further growth.
Michaël van de Poppe stated:
“[Cardano] consolidates or corrects nicely. It used to be one of the biggest runners of 2021, especially the one with the most hype. “
As for the mentioned supports, the analyst highlights the area of $ 1.33 as the first level of support and sees around the second level of support around $ 1.16. At the time of writing, the unit of the 5th largest cryptocurrency costs $ 1.32, which indicates a fight for the first mentioned area.
What’s next?
Van de Poppe further says that Cardano has to break the level of 3,500 satoshi, which currently corresponds to about $ 1.45. This could cause further upward movement. The ADA price tag will, of course, also depend on the direction of BTC, which traditionally manages the entire cryptomarket.
Regarding the announced bullish prediction, Michaël van de Poppe stated:
“If we make a bottom around 2,800 satoshi [1,16 USD], we can see 170% and usually overshoot 190% of the price in a pair with BTC.
I also expect BTC’s value against the US dollar to do well. So if we get to this region, it is likely to lead to a 400% to 800% shift in value in US dollars, especially as the market warms up again. “
Cardano targets billions of users
Charles Hoskinson, CEO of Input Output Hong Kong (IOHK), said in May that Cardano was built to serve billions of users around the world.
Hoskinson says he is actively addressing this issue:
“Cardano’s goal is to ask: Where do we have to go? What do we need to do to have an ecosystem with a billion people, not an ecosystem with a million, and to be able to sustainably secure the financial operating system? ”
Conclusion
Cryptocurrency Cardano has been targeted by analyst Michael van de Poppe. He says the ADA may have an interesting growth of hundreds of percent. The success of this prediction will depend on the successful deployment of smart contracts, but also on the wider market and the development of the BTC price.
