A prominent crypto trader is sharing his bullish price targets for the smart contract platform Cardano (ADA).
In a new video, market analyst Michaël van de Poppe tells his 115,000 YouTube subscribers that he believes Cardano’s meteoric rise is not over yet.
The third-largest crypto asset has appreciated by more than 110% in the past 30 days and recently broke through the $2.50 level, which is a key resistance level that ADA previously tested in May, according to Van de Poppe.
“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 predicts “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].”
The trader uses a Fibonacci extension to indicate potential short-term price targets as Cardano climbs to 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].”
Blockchain analytics firm IntoTheBlock recently shared data related to Cardano’s performance in the past year.
“ADA blasted through the previous [all-time high] propelled by the anticipated launch of smart contracts
A recap of the performance YTD [year to date]
1,304.71% price increase
1,.484m [sic] new holders (233% increase)
Addresses in profit increased from 80% to 100%
Record number of hodlers (226,000)”
ADA’s rally to new all-time highs comes on the heels of 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.
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