Leading cryptocurrency analyst Michaël van de Poppe believes that Cardano (ADA) is gearing up to print a new yearly high as he predicts the resumption of the bull market for Ethereum (ETH) and Algorand (ALGO).
In a new tweet, the trader tells his 331,700 subscribers that Cardano in its Bitcoin pair (ADA/BTC) must hold key support of 0.00004 to have a shot at breaching resistance of 0.00005 en route to his target of 0.00006.
“Cardano is still fine here and eager for continuation towards new highs, as the critical levels are holding up for support.”
A move to 0.00006 represents a new three-year high for ADA/BTC. If the pair hits Van de Poppe’s target, ADA/BTC is less than 50% away from its all-time high of 0.00008788.
In the case of Ethereum (ETH), the top crypto analyst says the second-largest cryptocurrency is positioning to break its immediate resistance of $2,900 and possibly rally to his target of $3,500.
“Ethereum looks strong here, in which we’re facing resistance. If that breaks, the next step is $3,300-$3,500. The critical support level to hold is the level at $2,675. If that’s lost, I’m seeing $2,300-$2,400 next.”
Van de Poppe is also looking at scalable smart contract platform Algorand against Bitcoin (ALGO/BTC). According to the trader, ALGO/BTC has managed to stay above key technical indicators and is now targeting a 95% move from its current value of 0.00002818.
“Algorand is continuing the momentum here, as the bull cycle didn’t end for this one. Staying above the 100-Day and 200-Day MAs (moving averages) and therefore, eager for continuation to 3,800 (0.000038) and 5,500 sats (0.000055).”Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
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Featured Image: Shutterstock/Oliver Denker