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New Impulse Wave for Cardano? Analyst Michaël van de Poppe Outlines Path Ahead for Third-Largest Crypto Asset


dailyhodl.com 09 October 2021 22:26, UTC
Reading time: ~2 m

Cryptocurrency analyst Michaël van de Poppe is analyzing Cardano’s path forward in the wake of Bitcoin rallying to a new 90-day high above $55,000.

In a new strategy session, Van de Poppe highlights the potential entry points for Cardano on the USD chart and says he believes the crypto asset is close to a bottom.

“If you want to buy Cardano at this point, I think you want to be looking at anywhere in this range here, aggressive in the area around $2.45. And also if we dip towards $1.75, that’s an entry point.”

Cardano is trading at $2.27 at time of writing, per CoinGecko.

The crypto analyst adds that he expects Cardano to continue climbing higher and approach its all-time high at $3.10.

“So what are we going to expect at this point? I’m assuming that we’re going to have a grind back up with Cardano against USDT for a little bit towards this all-time high region just like we have been seeing in November 2020, in which we grinded back up toward the all-time high region before we started to accelerate heavily.” 

Looking at Cardano against Bitcoin (ADA/BTC), Van de Poppe outlines how the pair can restart its uptrend.

“We are making lower highs, lower lows… if we break above the area of 0.0000464 BTC ($2.50), that is the level that you should be looking at and then we’re going to have a new impulse wave.”

However, if bulls fail to push above 0.0000464 BTC, Van de Poppe says the pair could drop between 0.00003785 BTC ($2.04) and 0.000032 BTC ($1.72).

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