Popular cryptocurrency analyst Michaël van de Poppe has revealed he believes the price of Cardano ($ADA) has bottomed out after dipping to $1 and is now “targeting” a rally toward the $2 mark as investors move in.
In a new update shared on the Google-owned platform YouTube, van de Poppe has noted that Cardano is now showing strength in the market as sentiment for it quickly changed from bearish last month to bullish with the launch of numerous new platforms on its blockchain.
The Dutch analyst noted the price of the cryptocurrency bounced off of a crucial support level around the $1.2 mark and is seeing continuation as the “charts didn’t change which means crucial support is still the same.”
The analyst added that we can “see that the momentum or the actual hype around Cardano is waking up again.” As CryptoGlobe reported, the price of ADA has jumped after Coinbase fixed a withdrawal bug preventing users from moving their funds, and after the first usable decentralized finance (DeFi) application was launched on its ecosystem after conducting an under-the-radar offering
That first application, MuesliSwap is a decentralized exchange with launchpad functionalities that has also been launched on top of the Bitcoin Cash blockchain. The platform is not available on either Ethereum or the Binance Smart Chain, two of the largest DeFi platforms by total value locked.
To the Dutch analyst, those looking to invest in ADA now to take advantage of the rally should look for “additional confirmation on lower levels or a retest.”
Notably, van de Poppe has in the past revealed he is bullish on Cardano and set a long-term price target for the cryptocurrency of $10. Cardano is, according to CryptoCompare data, currently trading at around $1.5.
Investors are betting on ADA after the mainnet launch of SundaeSwap, a native, scalable decentralized exchange and automated liquidity provision protocol” that is backed by cFund, a venture firm anchored by IOHK, Alameda Research, and Double Peak Group.
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.
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