It’s time for ADA to wake up from a long hibernation – here is the possible scenario
Analyst Michaël van de Poppe says smart contract platform Cardano (ADA) may finally be waking up from a months-long hibernation.
In a fresh strategy session, Poppe told his 162,000 YouTube subscribers that the hype and positive sentiment surrounding Cardano was “waking up”.
“We can see the momentum or actual hype surrounding Cardano waking up. So what should you consider if you want to get started with Cardano?”
The analyst then cites several key price zones where ADA could find support before starting a new rally.
“I think it is important that we break the resistance around $1.31 for another trigger. So the first thing to look at is the long potential in this area. The second option is to flip and consolidate $1.55 and then get the trigger at $1.28. This is the second entrance area to look at.”
Source: Michael van de Poppe
Wherever Cardano finds support, Poppe predicts that the sleeping giant will see big gains.
“And after that, ADA could start targeting a rally towards $2 or possibly even towards $2.33 as that is the next target area for Cardano.”
Cardano is trading at $1.53 at press time, down nearly 5% on the day and 51% below its all-time high set in September 2021.
Recently, development company Cardano Input Output Hong Kong (IOHK) announced plans to expand the network by 2022. One of the goals that the company has outlined is the addition of sidechains, which are separate blockchains connected to the mainchain and allow the transfer of assets between them.
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