The crypto market is filled with all kinds of bullish predictions for the most important coins out there. Today, the crypto market looks great, with the most important coins trading in the green.
Now, an important crypto trader is sharing his bullish predictions about Cardano (ADA).
ADA new bullish prediciton is out
Michaël van de Poppe just said that he believes Cardano’s meteoric rise is not over yet.
The coin has been able to appreciate by more than 110% in the past 30 days, and it recently broke through the $2.50 level. This is a key resistance that the digital assets tested back in May.
“The level to watch is anything in this [$2.00-$2.50] range. If that holds, I’m assuming $3.45 and $5.00 are next for Cardano.”
The trader predicted that if Bitcoin pushes past its own all-time high this cycle, some pretty “insane” profits are likely for long-term Cardano holders.
“Bitcoin going towards $250,000-$300,000 is quite normal, meaning that Cardano can easily run to $10 to $20 before it comes back to this level [around $2.50].”
It’s also worth noting the fact that the trader is using a Fibonacci extension to indicate potential short-term price targets as Cardano climbs to new all-time highs.
“The next Fibonacci extension tools, or Fibonacci extension levels, are [$3.50] and [$5.00] for Cardano in the next impulse wave. That is based on the recent high [$2.50], recent low [$1.02].”
The trader is not the only one bullish on Cardano. Blockchain analytics firm IntoTheBlock recently shared data on the evolution of this coin as well.
$ADA blasted through the previous ATH propelled by the anticipated launch of smart contracts
A recap of the performance YTD
1,304.71% price increase
1,.484m new holders (233% increase)
Addresses in profit increased from 80% to 100%
Record number of hodlers (226k) pic.twitter.com/z2djfMGnG3
— IntoTheBlock (@intotheblock) August 20, 2021
At the moment of writing this article, ADA is trading in the red. The digital asset is priced at $2.45.