dailyhodl.com
A prominent crypto trader is sharing his extremely bullish price targets for the smart contract platform Cardano.
In a new video, crypto trader and market analyst Michaël van de Poppe makes the case to his 115,000 YouTube subscribers for why Cardano (ADA) is primed for a rally to the $10-$20 range.
The third-largest crypto asset has appreciated by more than 110% in the past 30 days and recently broke through the $2.50 level, which is a key resistance level that ADA previously tested in May, according to Van de Poppe.
The crypto strategist argues that Cardano’s recent spike to $2.50 could serve as a low support level for the next potential bear market.
“So for instance, when you look at Bitcoin at $64,000, there is a significant chance that [in] the next bear market, Bitcoin will come back to $64,000 as the ultimate low, in which it has already seen an 80% correction…
Bitcoin going towards [$250,000-$300,000] is quite normal, meaning that Cardano can easily run to [$10 to $20] before it comes back to this level [around $2.50].”
The trader uses a Fibonacci extension to indicate potential short-term price targets as Cardano climbs to new all-time highs.
“The next Fibonacci extension tools, or Fibonacci extension levels, are [$3.50] and [$5.00] for Cardano in the next impulse wave. That is based on the recent high [$2.50], recent low [$1.02].”
Blockchain analytics firm IntoTheBlock recently shared data related to Cardano’s performance in the past year.
“ADA blasted through the previous [all-time high] propelled by the anticipated launch of smart contracts
A recap of the performance YTD [year to date]
1,304.71% price increase
1,.484m [sic] new holders (233% increase)
Addresses in profit increased from 80% to 100%
Record number of hodlers (226,000)”
ADA’s rally to new all-time highs comes on the heels of Cardano’s recent announcement of a target date for the token’s upcoming Alonzo upgrade, which will bring smart contract functionality to the Cardano ecosystem.