The legendary crypto analyst has evaluated the ideal entry levels for one of the biggest altcoin projects in the market. Let’s take a look at Michal van de Poppe’s current technical analysis, keeping in mind that forecasts are not exact.
Popular crypto analyst identifies ‘zones of opportunity’ for this altcoin
Michal van de Poppe recently shared an ideal buying region for Cardano. ADA is spending the last 24 hours with slight losses, consolidating below $0.50. Despite this, the analyst says that price action below $0.50 is a good buying opportunity. Poppe told his 600,000+ followers that the best deals will be between $0.30 and $0.375. ADA is currently trading at $0.4679. We will have to wait for a decrease of 14% to 31% for the level indicated by Van de Poppe. The analyst also said that investors are waiting in this region to buy:
Looks like we’re accumulating on this one. The price range for ADA between $0.3 and $0.375 seems to be the best buy zone.
But Poppe noted that a pre-run model could develop if investors start accumulating more. He warned his followers to watch ADA’s exit from the downtrend that started in June. According to the analyst, if ADA experiences a breakout, investors should take long positions.
Cardano moves sideways, lacking the strength of the bulls
Cardano is currently trading 81% below its 2017 ATH price. The market’s largest PoS Blockchain could not resist the effects of the bear market or the negative macro environment. It has not returned to its local top of $1.2 since its collapse in April 2018. Despite the decline, it has now climbed above $0.41, the most so far. In January 2021, ADA recorded a recent low of $0.41.
Despite the current selling pressure in the market, ADA managed to maintain the $0.40 support throughout the process. Therefore, the analyst’s buy zone between $0.30 and $0.375 may not happen as soon as he predicted.
However, there are also analysts expecting a drop from Cardano.
Recently, veteran investor Peter Brandt shared a chart suggesting that if ADA stays in the descending triangle, it will experience another significant drop. Weighted sentiments for ADA escalated as expected following the recent successful launch of the Vasil hard fork. Thus, it further reduced the possibility of ADA price falling below $0.41.
cryptocoin.comAs you follow, Santiment recorded increased social attention for Cardano last week. The Santiment chart shows increasing social interest for ETH, XRP, SHIB, MATIC and ADA, while decreasing for other assets, including the digital gold Bitcoin.
ADA is currently trading at $0.44, down 1.52% from the previous 24 hours. With a market cap of $15.31 billion, it surpassed Solana and Dogecoin to remain the 8th largest cryptocurrency.
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