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Cryptocurrency trader and analyst Michaël van de Poppe says he believes the price of Cardano (ADA) has the potential to surge to the $5 mark based on technical analysis.
The analyst’s words came in a recently published video, first spotted by Daily Hodl, in which he said the price of the fourth-largest cryptocurrency by market capitalization, ADA, could surge to $5 per coin. In the video, after analyzing BTC’s price chart, van de Poppe said Cardano has been continuously making higher lows.
He added that if ADA manages to break through its resistance at the $1.8 mark, Cardano could surge to $3.35 based on an analysis of its Fibonacci zones. While the cryptocurrency could keep on ranging in the near future, a breakout is possible. ADA is, at press time, trading at $1.71, according to CryptoComapre data.
Its support, the analyst said, needs to hold onto its support at around 4,000 satoshis in the ADA/BTC pair so it can have further upside against the flagship cryptocurrency. Per van de Poppe, Cardano is “one of the strongest altcoins out there.”
Request 02 – #Cardano
— Michaël van de Poppe (@CryptoMichNL) May 30, 2021
This one is actually one of the strongest performers in the market.
Hard drop, after which a strong bounce occurred.
Since then, beautiful HL constructed and further consolidation, before continuation expected.$BTC pair doing fine too. pic.twitter.com/wbQErmP1tl
On social media, the popular analyst also looked at several other altcoins, including Tezos, Chainlink, Reserve Rights, and Avalanche. In his analysis, the analyst said that Avalance (AVAX) “got crushed” compared to other altcoins during the recent market correction, but it has the potential to resume bullish momentum in the AVAX/BTC pair if it breaks above the 0.00061 BTC area.
Looking at Chainlink (LINK), the analyst noted that against BTC the cryptocurrency has managed to climb back above crucial moving averages that if it manages to hold could see it rally by over 40% in the near future. Harmony (ONE), he said, is still in a “bullish cycle, as it’s done a beautiful retest” at a support zone it managed to hold.
Request 05 – $ONE / #Harmony
— Michaël van de Poppe (@CryptoMichNL) May 30, 2021
This one is still in a bullish cycle, as it's done a beautiful retest at the green zone.
And, next to that, making higher lows, still.
Green area critical to hold. If that holds -> bullish continuation. pic.twitter.com/pUuEIil2tU
Tezos (XTZ), according to the analyst, is at a critical point as it’s crossing its 100-day and 200-day moving averages. If it manages to remain above them it will continue with its bullish momentum.