Predicting the rallies of a cryptocurrency is a task that not many achieve with precision, due to the very nature of the asset. At least the ones that aren’t stablecoins. This time we will mention the analyst Michaël van de Poppe, who says that Cardano (ADA) could be close to a big rally this year, if it maintains the following support levels. Is Cardano indeed close to a rally?
Why could Cardano be close to a rally?
Van de Poppe charts a path that shows Cardano consolidating against Bitcoin for about another month before a potential reversal begins.
Michaël van de Poppe says that Cardano has been in a downtrend against Bitcoin since the end of June. The $ 1.33 region stands out as the first support level and a crucial second support level at around $ 1.16.
Specifically, van de Poppe said »Is consolidating, or retreating, very well here. It used to be one of the most important runners of 2021, especially the one with the most enthusiasm. For Cardano to form a solid bottom, van de Poppe says it has to break above 3,500 satoshis». At the time of the declaration this was equivalent to US $ 1.45.
What can we expect?
That could trigger another upward move. If that happens and a market-wide cryptocurrency bull run begins, see Cardano rising by as much as 800% in its dollar value. «If we are to bottom out around 2800 satoshis, we can see 170% and generally surpass 190% on the Bitcoin pair.».
Likewise, the expert expects the value of Bitcoin against the US dollar to develop well. «If we enter this region, it will likely result in a 400% to 800% movement in the value of the US dollar, especially since the market will heat up once again.“, He said.
As of this writing, Cardano (ADA) is worth $ 1.37, according to CoinMarketCap. This represents an increase of 4.18% in the last 24 hours. CoinMarketCap’s current ranking is # 5, with a market cap of $ 43,840,763,411. It has a circulating supply of 32,065,761,015 ADA and a maximum supply of 45,000,000,000 ADA.