A popular crypto analyst says Cardano (ADA) may witness another major rally this year if two crucial support levels hold.
In a new strategy session, Michaël van de Poppe says Cardano has been in a downtrend against Bitcoin since late June.
He highlights the $1.33 region as the first level of support and a second crucial level of support at around $1.16.
“[Cardano] is consolidating, or retracing, nicely here. It used to be one of the biggest runners of 2021, especially the one with the biggest hype.”
In order for Cardano to form a solid bottom, van de Poppe says it has to break the 3500 satoshi level, which is at about $1.45 at time of publishing. That could prompt another move to the upside.
If that happens and a market-wide crypto bull run begins, he sees Cardano surging as much as 800% in its dollar value.
“If we’re going to make a bottom around 2800 satoshis [about $1.16], we can see a 170% and usually overshoot 190% trade on the Bitcoin pair.
I’m also expecting the value of Bitcoin against the US dollar to do well. So if we get into this region, it’s probably going to result in a 400% to 800% move on the US dollar value, especially given that the market is going to heat up once again.”
Van de Poppe traces a path that shows Cardano consolidating against Bitcoin for about another month before a potential reversal begins.
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