Over the past few days, altcoins have been showcasing surging strength and Cardano (ADA), the fifth-largest cryptocurrency seems to be taking the lead after months of accumulation. And Michaël van de Poppe, a popular crypto analyst, who thinks ADA may have bottomed out, has outlined the entry points of the digital token.
Cardano (ADA) has been directly targeted by critics in the past few months due to its lethargic price trend when other altcoins were appreciating.
The digital currency managed to gain 30% in the previous week. At the time of press, ADA is trading at $1.52, with a relatively 9% price upsurge based on 24 hours estimation. Its market capitalization now stands above $50 billion. With this number, Cardano (ADA), has displaced Solana (SOL) in the market ranking.
According to Michaël van de Poppe in a new strategic session, Cardano (ADA) may have bottomed out. The analyst believes that the crypto asset is now showing strength in the market.
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Michaël van de Poppe noted:
“Now Cardano is showing massive strength. It’s waking up as one of the few [altcoins]. It took out the actual low and bounced on this crucial support level here [$1.20] and we’re getting continuation as the charts didn’t change which means crucial support is still the same…”
“Given the divergence that we’ve created here, right now we are acting inside resistance, and we can see that the momentum or the actual hype around Cardano is waking up again.”
The analyst pointed out that those who missed the initial opportunity and now looking to make entries should be looking at long entries around $1.30.
Read Also: Historically Accurate Model Predicts Cardano (ADA) Would Reach $3.60 by March 2022
Michaël van de Poppe added, “We are looking at long entries at the lower boundaries, so around $1.30 we are looking at support here, and we’re looking to get ourselves into a position.
“When we base it on the daily time frame looking at the lower time frames, it’s definitely not a moment to start chasing the actual trade. Then you can be seeking for an aggressive day trade around $1.41.”
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