Michaël van de Poppe, a popular analyst and trader, has recently predicted that ADA, the native token of the emerging smart contract platform, Cardano, is likely to experience a meteoric price surge soon if it holds its two crucial support levels.
In a new video first reported by Daily Hodl, the popular analyst pointed out that Cardano (ADA) has been facing a price downtrend since late June 2021.
According to the crypto strategist, the $1.33 region is the first crucial support level for the cryptocurrency. While its second level of support is at around $1.16.
Michaël van de Poppe said:
“Cardano is consolidating, or retracing, nicely here. It used to be one of the biggest runners of 2021, especially the one with the biggest hype.”
Cardano (ADA) Has the Potential to Surge 800% this Year
Michaël van de Poppe continued by saying that Cardano (ADA) has to break the 3,500 satoshi level in order to form a bottom. This is at relatively $1.46 at current prices. He said such a positive trend could send ADA to hit a new high.
The analyst added that this and a crypto bull-run in the market before this year ends could make Cardano (ADA) experience up to 800% based on its dollar value.
Michaël van de Poppe noted:
“If we’re going to make a bottom around 2800 satoshis, we can see a 170% and usually overshoot 190% trade on the Bitcoin pair.
I’m also expecting the value of Bitcoin against the US dollar to do well. So if we get into this region, it’s probably going to result in a 400% to 800% move on the US dollar value, especially given that the market is going to heat up once again.”
The analyst, previously known as Crypto Michael, also showed that Cardano (ADA) would continue to consolidate against Bitcoin (BTC) for another month before a potential reversal starts.