Crypto analyst, Michael van de Poppe is bullish on Cardano saying ADA has the potential to reach a new all-time high of $5. At the time of writing, Cardano’s price is currently trading at $1.78 with a 24h trading volume of $4,059,779,736, according to CoinGecko.
ADA Has the Potential to Surge to $5: Michaël van de Poppe
Uploading the latest YouTube video, popular crypto analyst, Michaël van de Poppe says that the fifth-largest cryptocurrency by market cap, Cardano (ADA) has the potential to surge to $5 based on technical analysis.
For ADA price to hit the $5 mark, Cardano (ADA) needs to mark above $1.82 and then target the next level at $3.35. Then this consistency level must be maintained to hit towards $5 based on an analysis of its Fibonacci zones.
“If we do have this break 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 break into the upside, if Bitcoin is going to find its bottom formation here, we can start targeting to these two target zones here, so there’s upside to be expected, and not everything is bad in the markets.” he later tweeted.
After analyzing Bitcoin’s price chart, Poppe comes to the conclusion that Cardano has been continuously making higher lows.
According to him, the ADA/BTC trading pair needs to gain a support level of 4000 satoshis that could help in possibly maintaining ADA at constant momentum against Bitcoin in terms of market capitalization.
He notes that ADA is still stronger even amid the crypto market crash and is still going stronger than Bitcoin and many other altcoins.
Cardano (ADA) Captures Institutional Interest
Cardano’s market price was low last month and faced a downturn in the market. Despite this, Cardano investors are showing huge interest in buying cryptocurrency.
Last month’s report from Coinshares Digital Asset Fund Flows revealed that Cardano has captured the largest institutional inflows at $10 million. It was the second week in a row that ADA inflows increased. This week’s report said that inflows to Cardano institutional products totaled $5.2 million.