Cardano Is Set To Provide Tools for Developers, End Users, Businesses to Execute Smart Contracts
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Michaël van de Poppe, a crypto analyst and trader, popularly known on Twitter as Crypto Michael, has stated that he believes Cardano (ADA), the 4th 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 making higher lows in its price trend.

Read Also: Crypto Michael Says XLM Could Soon Surge 250%, LTC 250%, XRP 160%, XTZ 300%

Afterward, the analyst pointed out that Cardano (ADA) could head to $3.35 level based on an analysis of its Fibonacci zones, before skyrocketing to $5 if it manages to break through its resistance at the $1.8 mark.

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According to Crypto Michael, the digital token ADA needs to hold onto its support at around 4,000 satoshis in the ADA/BTC pair to gain more upside momentum against the largest cryptocurrency by market capitalization, Bitcoin (BTC).

Michaël van de Poppe noted:

“If we do have this break above $1.80 you can use the Fibonacci extension to derive the next target zones which is $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.”

In a tweet on 30th May 2021, the top trader stated that Cardano is one of the strongest altcoins in the market.

Read Also: Analyst: Cardano (ADA) Is One of the Fastest Racehorses in the Current Boom Cycle

Crypto Michael tweeted, “Request 02 – Cardano. This one is actually one of the strongest performers in the market. Hard drop, after which a strong bounce occurred. Since then, beautiful HL constructed and further consolidation, before continuation expected. BTC pair doing fine too.”

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Solomon Odunayo

By Solomon Odunayo

Solomon Odunayo is an accomplished blockchain and cryptocurrency expert at Herald Sheets, known for his in-depth analysis and engaging articles that cater to both beginners and experienced readers. With a degree in Computer Science from the University of Lagos, Solomon leverages his technical background and keen understanding of the crypto space to provide readers with valuable insights and up-to-date news. His passion for innovation and commitment to staying current with industry developments make him a trusted voice in the digital currency community.