Closely-followed crypto analyst Michaël van de Poppe is updating his outlook on Cardano (ADA) and the rest of the markets at large.
In a new strategy session, Van de Poppe says that should Bitcoin start showing new signs of strength, Cardano could be one of the first altcoins to respond to the action.
The analyst adds that while Cardano is facing a big resistance at $1.40, it is getting solid support just above $1.00.
“Cardano’s the first one doing pretty fine at this stage. Cardano is holding support. It lost its entire structure, but we’re holding this entire support here and currently, Cardano is facing a resistance zone.”
According to the trader, Cardano must breach the crucial resistance at $1.40 to begin the next phase of its bull run.
“If we do flip this level, this support and resistance flip is definitely something you should be looking at, but in general, the structure on altcoins are showing that they want to bounce back after Bitcoin finishes or is done with the correction or the downwards momentum.”
Van de Poppe believes that altcoins are barely halfway through the overall bull run with big gains for the whole space on the horizon.
As for Bitcoin, the crypto strategist sees the leading cryptocurrency testing its immediate support at $31,500 before igniting another rally.
“We can also see on the lower timeframe that we are making lower highs [and] lower lows, in which we are most likely going to test here again ($31,500). Then, we also want to see previous support levels become support again… and then we are ready to go.”
At time of writing, Bitcoin is trading at $31,978, according to CoinMarketCap.
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