Legendary crypto analyst valuated ideal entry levels for one of the biggest altcoin projects in the market. Let’s take a look at Michal van de Poppe’s current technical analysis, without forgetting that the claims are not rigid.
Popular crypto analyst identifies ‘zones of opportunity’ for this altcoin
Michal van de Poppe has recently shared an ideal purchasing region for Cardano. ADA is spending the last 24 hours with slight losses, consolidating below $0.50. In contrast, the analyst says price action below $0.50 is a smooth buying opportunity. Poppe told his 600,000+ followers that the best deals would be between $0.30 and $0.375. ADA is currently trading at $0.4679. For Van de Poppe’s stated level, we will have to expect a decrease of 14% to 31%. The analyst also said that investors are waiting in this region to buy:
We seem to be collecting on this issue. The mid-$0.3 to $0.375 price range for ADA seems to be the best area to buy.
But Poppe noted that a pre-run model could develop if investors start accumulating more. He warned his followers to watch ADA’s exit from the downtrend that started in June. According to the analyst, if the ADA experiences a breakout, investors should take longs.
Cardano moves sideways deprived of bulls power
Cardano is currently trading 81% below its 2017 ATH price. The market’s largest PoS Blockchain could not resist the effects of the bear market or the negative macro environment. It has not returned to its local top of $1.2 since its April 2018 crash. Despite the decline, it has now climbed above $0.41, the most so far. In January 2021, ADA recorded a recent low of $0.41.
Despite the current selling pressure in the market, ADA managed to hold its $0.40 support throughout the process. Therefore, the analyst’s buy zone in the middle of $0.30-$0.375 may not happen as soon as it is predicted.
However, there are also analysts expecting a drop from Cardano.
Recently, veteran investor Peter Brandt shared a chart suggesting that if ADA stays in the descending triangle, it will experience another value drop. Loaded feelings for ADA have risen as expected following the recent successful launch of the Vasil hard fork. This further reduced the possibility of the ADA price falling below $0.41.
Koindeks.com As you follow, Santiment recorded growing public interest in Cardano last week. The Santiment chart shows increasing public interest for ETH, XRP, SHIB, MATIC and ADA, while decreasing for other assets, including the digital gold Bitcoin.
ADA is currently trading at $0.44, down 1.52% from the previous 24 hours. With a market capitalization of $15.31 billion, it surpassed Solana and Dogecoin to remain the 8th largest cryptocurrency.