- Popular crypto analyst Michael Van de Poppe predicted Cardano (ADA) will touch $5
- After the latest market dip, ADA will bounce from support to consolidate before surging
- The Cordano smart contract upgrade is confirmed on September 12
YEREVAN (CoinChapter.com) — Crypto analyst Michael van de Poppe is bullish on Cardano. According to him, ADA, the blockchain’s token, can potentially reach a new all-time high of $5. At the time of writing, Cardano is trading at $2.52 with a 24h trading volume of $7,288,626,760, according to CoinMarketCap data.
Cardano sees a significant bounce from support
In his latest technical analysis, Poppe claimed that the third-largest cryptocurrency by market cap, Cardano (ADA), could potentially surge to $5.
According to the analyst, it is not weird that ADA dropped fast to such low levels. Once the correction broke the support level at $2.43, ADA had a free fall because it had no solid support until around $2. The same happened for Bitcoin (BTC) when it broke the $49,000 support. This gave the impression that the bear market had kicked in when the correction was only normal in reality.
According to Poppe, the next stage would probably be a consolidation period for Cardano. After a sudden rise in mid-August and a sudden fall in early September, the analyst expects the token will try to stabilize.
ADA aims for a new all-time high
Poppe analyzed the charts using the Fibonacci extensions to calculate the next target zones to determine where ADA will possibly go from here.
Based on the historical data of the token’s performance, the analyst sees the crypto reaching $5.
“The first real level you should be looking at is $3.80 and the second level you should be looking at is around $5 bucks. So is Cardano going to run to 5 bucks? I think it will,”the analyst said
However, for that to happen, Poppe believes that the token will first have some consolidation before shooting above the target price.
He further advises traders to wait for that to happen before cashing in on the profits.
Cardano confirms smart contracts upgrade
Ahead of Cardano’s awaited upgrade, making smart contracts available on the blockchain, ADA could see newfound support.
Cardano is set to launch the upgrade on the mainnet on September 12.
IOHK (Input Output Hong Kong; the blockchain infrastructure company behind Cardano) once again confirmed the news on Twitter.
Cardano had started testing the upgrade on the testnet earlier.
This is not the first time that Michael Van de Poppe has predicted ADA hitting $5; the upcoming upgrade will certainly help accelerate the price surge.