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HomeCrypto NewsMarketAnalyst Van de Poppe Shares "Ultimate" Buy Area for Cardano (ADA)

Analyst Van de Poppe Shares “Ultimate” Buy Area for Cardano (ADA)

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Notable analyst and CEO of Eight Global, Michaël van de Poppe recently shared an attractive buy zone for Cardano (ADA).


Despite minor losses in the past 24 hours, ADA has retained a few gains with the rest of the market in the past week. The asset consolidated below $0.50 for most of the month. Notwithstanding, analysts believe its price action below the 50-cent mark could make for a good buy zone.

Michaël van de Poppe shared the ADA analysis on Twitter as requested by his 600k+ followers. According to him, the most attractive buy area for ADA lies in the $0.30 to $0.375 region – a 14% to 31% drop from ADA’s current value of $0.44 as of press time.

Van de Poppe also highlighted a patent accumulation trend noticed amongst ADA addresses. “This one is looking like we’re accumulating. The ultimate area to buy from is the region at $0.30-0.375,” he noted.

 

Nonetheless, van de Poppe mentioned that a pattern of front-run could materialize with investors already amassing more of the asset. He advised his followers to look out for ADA’s breakout from a downtrend that started in June. According to him, should the asset stage a breakout, investors should place long positions.

Cardano was currently 81% down from its ATH of $3.10 in April last year. The ambitious PoS token has not shown any immunity to the effects of the bear market and the unfavorable macro climate.

Since its crash from the lofty $1.2 price in April this year, Cardano has not revisited the $1 territory. Despite the dip, the asset has risen above $0.41 ever since. The last time ADA traded below $0.41 was in January of 2021.

This means van de Poppe’s buy zone of $0.30 to $0.375 might not materialize as soon as most expect, as the asset has shown some strong resilience at the support above $0.40.

Recently Veteran Trader Peter Brandt also shared a chart pattern reasoning that if the ADA remained in the descending triangle, it is likely to have one more significant decline.

With the recent successful launch of the Vasil Hard Fork, weighted sentiments for ADA have expectedly shown an increase, making a dip below $0.41 all the more improbable.

Last week, Santiment pointed out a surging social interest in Cardano. According to the Santiment chart, ETH, XRP, SHIB, MATIC, and ADA saw a jump in social interest, while other assets, including the digital gold Bitcoin, dropped.

 

ADA is currently trading at $0.44 at the time of reporting, down 3.28% in the past 24 hours. ADA has maintained its position as the 8th largest cryptocurrency, with a $15.31B market cap, staying above Solana and Dogecoin.

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Albert Brown
Albert Brownhttps://thecryptobasic.com/
Albert Brown is a cryptocurrency investor and journalist who has been in the nascent space since 2017. His love and passion for technological innovations made him delve deeper into the world of blockchain and cryptocurrencies. As a journalist, Brown has written on several crypto-related topics that have been referenced by popular industry players like Tyler Winklevoss, Binance CZ, etc.

Disclaimer: The content is for informational purposes only, may include the author's personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

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