Michaël van de Poppe, a crypto trader and analyst popularly known on Twitter as Crypto Michael, has mapped out the possible future price action of Cardano (ADA), the fifth-largest cryptocurrency by market capitalization.
In a new tweet, the trader told his teeming followers that Cardano (ADA) is still in a bull cycle. According to Crypto Michael, amid weakness in the crypto market, the digital token ADA continues to showcase bullish signals against Bitcoin.
Michaël van de Poppe tweeted, “Still showing much strength and in a bull cycle. I’m expecting a bullish continuation towards the next region around 6,200 satoshis (0.000062). This would include further strength on the USD pair, too.”
Request 03 – #Cardano
Still showing much strength and in a bull cycle.
I'm expecting a bullish continuation towards the next region around 6200 sats.
— Michaël van de Poppe (@CryptoMichNL) June 6, 2021
At the time of filing this report, ADA/BTC is trading at 0.000046, which indicates a potential gain of over 34% if the trading pair attain Crypto Michael’s target next month.
Cardano (ADA) Is Getting Ready To Print New Highs
Recall that Michaël van de Poppe had predicted a couple of days ago that Cardano (ADA) is getting ready to print new highs.
In a tweet on 4th June 2021, the trader told his followers that Cardano (ADA), in its Bitcoin (BTC) pair, has to hold key support of 0.00004 for the chance of breaching 0.00005 resistance, in order to clear the way for 0.00006.
He said if ADA/BTC could move to 0.00006, it implies that a new 3-year high for the pair has been attained. He added that if the pair hits the target, it means it’s less than 50% from its all-time high of 0. 00008788.
Crypto Michael tweeted, “Cardano is still fine here and eager for continuation towards new highs, as the critical levels are holding up for support.”
— Michaël van de Poppe (@CryptoMichNL) June 4, 2021
Cardano (ADA) Current Action in the Market
Things seem to be turning around for cryptocurrencies in the market after a few days of bearish price action. The majority of the top digital currencies, including Cardano (ADA), are in the green, indicating possible resumption of price appreciation.
At the time of press, Cardano (ADA) is trading at $1.52, with a 2.37% price uptrend in the last 24 hours.