Crypto analyst Michaël Van de Poppe has identified potential signs of recovery for Cardano after its significant price correction in December 2024.
The popular analyst, who is the founder of MN Consulting shared his analysis on X, presenting technical evidence that suggests the digital asset may be approaching a crucial support level.
The recent market dynamics have seen ADA experience substantial volatility, with the token registering a decline exceeding 35% from its December peak of $1.3264. Current trading data shows ADA valued at $0.8574, putting it close to the 40% decline the analyst believes will precede the breakout.
Potential Next Steps For Cardano (ADA)
This particular price level holds historical significance in ADA’s market trajectory. Throughout 2022, it functioned as a persistent resistance barrier until the token successfully breached it in early 2024.
According to Van de Poppe’s assessment, this previously challenging resistance level may transition into a reliable support zone, potentially catalyzing the next phase of price appreciation.
The broader context of ADA’s market performance reveals impressive momentum, with the token recording a remarkable 300% increase from its early November 2024 position of $0.3263 to December’s high of $1.3264.
Van de Poppe’s chart shows this substantial gain as the initial phase of a more extensive bull market cycle. However, if ADA falls further than expected, Van de Poppe’s technical analysis indicates that the $0.7460 price point could be a strong foundation for future price appreciation. He describes this level as the optimal entry point in the event of a wider market correction.
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Timeline For Cardano (ADA) New ATH?
Looking ahead, Van de Poppe’s analysis identifies $1.2430 as a critical resistance level that ADA must overcome to sustain its upward trajectory. This falls just about a 4.3 billion ADA sell wall between $0.947 and $1.09, representing a significant resistance zone that may delay ADA’s recovery to $1.
Despite the resistance in the asset’s path, Van de Poppe’s long-term outlook remains notably optimistic. He projects Cardano (ADA) to surpass its all-time high of $3.10 within the next two years, possibly during 2025 or 2026.
Although many others have also shared bullish predictions for Cardano, recent developments like the tension within Cardano’s parent company and the Federal Reserve’s recently announced rate cuts have contributed to uncertainty among traders, and this could extend ADA’s bearish run.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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