2 November 2024
Cardano Could Skyrocket to This ‘Insane’ Price: Michaël van de Poppe
Michaël van de Poppe, the prominent crypto trader, has shared some bullish price targets for the smart contract platform Cardano (ADA).
In a newly published video, Michaël van de Poppe tells his 100,000 subscribers that he believes Cardano’s meteoric rise is not over yet. He pointed out that Cardano has been appreciated by more than 110% in the past 30 days and recently surpassed the $2.50 level, which is a key resistance level that ADA previously tested 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.”
If Bitcoin pushes past its own all-time high this cycle, Van de Poppe estimates “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].”
In addition, the trader used a Fibonacci extension to indicate potential short-term price targets as Cardano taps 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].”
ADA’s rally to new all-time highs comes amid Cardano’s recent announcement of a target date for the token’s upcoming Alonzo upgrade, which will bring smart contract functionality to the Cardano ecosystem.
Disclaimer: The author’s views and opinions are for informational purposes only and do not constitute financial, investment, or other advice.
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