Michaël van de Poppe, a cryptanalyst and trader, popularly known on Twitter as Crypto Michael, has stated that he believes that Cardano (ADA), the fourth largest cryptocurrency by market capitalization, has the potential to hit $ 5.
In a new video first reported by Daily Hodl, the analyst stated that Cardano (ADA) is looking relative to other digital assets during the market correction and consistently hitting higher lows in its price trend.
The analyst then pointed out that Cardano (ADA) could head to the $ 3.35 level based on an analysis of its Fibonacci zones, before spiking to $ 5 if it manages to break its resistance at the $ 1.8 mark.
According to Crypto Michael, the ADA digital token should maintain its support at around 4,000 satoshis on the ADA / BTC pair to gain further bullish momentum against the largest cryptocurrency by market capitalization, Bitcoin (BTC).
Michaël van de Poppe noted:
“If we have this breakout above $ 1.80, you can use the Fibonacci extension to derive the next target zones, which are $ 3.35 and $ 5.00. If we get this breakout to the upside, if Bitcoin is going to find its bottom formation here, we can start targeting these two target zones here, so an edge can be expected, and it's not all bad in the markets. "
In a tweet on May 30, 2021, the top trader stated that Cardano is one of the strongest altcoins on the market.
Crypto Michael tweeted:
“Request 02 – Cardano. This is actually one of the best on the market. Strong fall, after which there was a strong rebound. Since then, beautiful HL built and further consolidation, before continuation was expected. The BTC pair is good too. "