dailyhodl.com
Crypto strategist Michaël van de Poppe is plotting the critical support areas for Cardano against both the US dollar and Bitcoin (BTC).
In a new video, Van de Poppe tells his 118,000 YouTube subscribers that he’s looking at three price levels where ADA/USD might bounce in the event of a correction.
“We might be seeing a slight bounce back up before we start correcting even more given the fact that Cardano has been going vertical… So when we’re looking at swing trade opportunities for Cardano this zone ($2.00) as you see, that’s marked already, that’s giving you an opportunity to look for a swing trade. Another one is around $1.80. The third one [is] around $1.50.”
Although Van de Poppe expects Cardano to pull back, the trader is still bullish on the third-largest crypto asset as he sees it eventually rallying by over 70% from its current price of $2.80.
“[The] targets are pretty much the same: $3.30 and $4.80 around [the] 4.618 [Fibonacci level], but you’ve got a few more target points in between.”
As for ADA/BTC, Van de Poppe says the pair has a history of correcting after a rally or “vertical move.”
“When we’re looking at the Bitcoin pair, at this point, we can see that we’ve also got support levels [that it] did not hit yet. Corrective move, a very vertical move, we know what happened after these vertical moves. So anywhere in this range (0.00004635 BTC or $2.26) I’d also be looking at heavy longs.”