There are all kinds of bullish predictions about the price of cryptos, despite the massive market volatility. Check out the latest optimistic predictions about the price of Cardano’s ADA.
Popular crypto strategist Michaël van de Poppe addressed the future of ADA coin while traders await the Alonzo update that will bring smart contracts capability to the blockchain.
In a new video, he addresses key resistance levels as the coin moves upwards.
“Cardano is breaking through resistance, and we’ve had a slight consolidation and now a new breakout to the upwards momentum, in which I do remember correctly that we were saying – hey, the level around $1 is pretty much a very heavy support zone, could be a trigger for a long entry…” he said.
He continued and pointed out that “You can see that everything is waking up right now, but still facing heavy resistance zones. Bitcoin is doing that. Ether is doing that. Litecoin will be doing that. And now Cardano made a big breakout upwards, too.”
ADA to reach $5
Despite Cardano’s rally, the analyst said that he does not recommend buying the crypto right now at around $1.852 because of key price barriers.
“Should you be entering Cardano at this point? No. Cardano is currently facing this resistance here too … in which the entry point that you’re looking at is either this retest [around $1.47] or this retest here [around $1.33]. That is where you should be looking for a trade on Cardano because the stop-loss is very easy to place if you look for those entry points. If you don’t get it, move on. Move to the next.”
He also made sure to drop the price target that will definitely impress a lot of traders.
“The next target zones for Cardano in a new impulse wave is $3.35 and $5.00.”
At the moment of writing this article, ADA is trading in the green, and the coin is priced at $2.03.