ADA Price Poised for Massive Rally
The flagship crypto is holding up well above $41K, if it prevents a fall below this level over the weekend, BTC will finally be out of woods. A surge from here will start a bully rally. Following suit, the major altcoins will also soar in the weeks to come.
Cardano is one such crypto which has been on the forefront this year. Cardano price has printed 828% in a year. However, it is now to be watched out for how ADA performs in this next leg.
Popular Crypto analyst Micheal Van De Poppe examines the ADA/BTC pair and its potential to surge high.
He says, After ADA went through the market crash in tandem with the entire crypto market it has shown great resilience. The token has been making higher highs and lower lows consistently.
Cardano Price Next Crucial Levels
ADA/BTC is now finding support at the previous high, and a further dip is to be expected before it reverses back. The support can be found at 3200 stats, and subsequently in the 2700-2900 stats range.
The bullish thesis for ADA will be validated if it breaks above 3500 stats level. Further, If the token manages to hold above those levels, ADA can hit $1.618 i.e 4900 stats.
He further explains that, in terms of fibionaci extension it is evident that the ADA chart from its previous price action is at at its third wave. Hence, now the fifth wave is underway which can pump ADA price to $2.618.
Given that Cardano is on to big ups blockchain development wise, and the broader crypto market has started a bullish uptrend ADA can be expected to print massive gains in the month of August.