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.
[adinserter block="1"]“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).”
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