Cryptocurrency analyst and trader Michaël van de Poppe analyzes Cardano’s path after Bitcoin rallied to 90-day highs above $55,000.
Speaking about ADA in a recent strategy session, Van de Poppe highlights potential entry points for Cardano on the USD chart and says he believes the crypto asset is pretty close to bottoming out.
“If you’re looking to buy Cardano right now, I think you’d want to pay attention to any level in this range. The aggressive spot in this zone is around $2.45, further below $1.75 here it is. there is a bottom; this is an entry point.”
According to CoinGecko data, Cardano (ADA) is trading at $2.24 per coin at the time of writing.
According to the crypto analyst, Cardano will continue to climb higher and eventually reach the all-time high of $3.10.
“So what should we expect at this point? In USDT/Cardano parity, Just as in November 2020; I’m assuming we’re going to pull back a bit before we quickly climb into all-time highs. ”
Van de Poppe, who also examines the Bitcoin/Cardano parity, summarizes how the pair can restart the uptrend.
“We are making new lower highs and new lower lows… If we break above the 0.0000464 BTC ($2.55) area, this is the level to watch. If we break this level then we will have a new impulse wave.”
However, if the bulls fail to break above 0.0000464 BTC, Van de Poppe believes that the ADA/BTC pair could drop between 0.00003785 BTC ($2.08) and 0.000032 BTC ($1.76).
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.