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.
Request 01 – $ADA
This one is looking like we're accumulating.
The ultimate area to buy from is the region at $0.30-0.375.
However, will we see it front-run and people are already stacking?
In that case, break of downtrend is your long trigger. pic.twitter.com/qGmZXwr2Kc
— Michaël van de Poppe (@CryptoMichNL) September 25, 2022
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.
? #Crypto markets have obviously taken a big hit over the past week, but it's interesting to see where social interests have shifted. $ETH, $XRP, $ADA, $MATIC, and $SHIB have increased in discussions, while most other assets are being discussed far less. https://t.co/B461oasvSr pic.twitter.com/c6FVIS90gG
— Santiment (@santimentfeed) September 19, 2022
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.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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