A crypto analyst, smart contract platform widely followed by the crypto community Cardano (ADA) He says he may finally be waking up from a months-long hibernation.
In a recent strategy session, crypto analyst Michaël van de Poppe told 162,000 YouTube subscribers that the hype and positive sentiment surrounding Cardano has “awakened.”
“We may see that the momentum or genuine hype surrounding Cardano continues. So, what should you pay attention to if you want to invest in Cardano?
The crypto analyst then lists a few key price zones where ADA could find support before continuing its rally.
“I think we need to break this resistance zone to have another trigger. [yaklaşık 1,31 dolar] It is very important that we break. Therefore, the first one located in this region [1.31] We are looking at a potential long position. Our second level is at this level. [1.55 dolar] if we turn the resistance to support, if we consolidate and there [1.28] occurs if we get a trigger based on it. This is the second entry zone we can think of.”
Wherever Cardano finds support, Van de Poppe predicts the dormant giant will make significant gains.
“Then we can start targeting a rally to $2.00 as the next target zone, or even potentially to $2.33 as Cardano is the next target zone.”
Cardano is trading at $1.50, up 10 percent on the day at the time of writing, but still trading around 50 percent below its September 2021 all-time high. However, ADA, which has been showing a southward price movement for months, has increased by more than 30 percent in the last seven days.
Cardano development firm Input Output Hong Kong (IOHK) recently announced its plans to scale the network in 2022 and how they will achieve it. One of the firm’s goals was to add sidechains to the platform, which are separate blockchains linked to the main chain, and allow the transfer of assets between each other.
“Assets can be moved between chains as needed. A single mainchain can have multiple interoperable sidechains attached to it, which may work in completely different ways.”
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.