- The price of Cardano (ADA) may experience a short-term correction before a rally to the all-time high at $1.12.
- The number of ADA traders rises to a multi-year high with 245,350 addresses in February.
Cardano has become the fourth largest cryptocurrency by market cap. ADA has had a skyrocketing rise since late November 2020 when it still was trading around $0.09. However, with the launch of Goguen approaching fast, the sentiment around ADA has turned massively bullish, targeting the all-time high of $1.12 set in January 2018.
At the time of publication, ADA’s price stood at $0.66 with losses of 5.90% in the last 24 hours. However, on the weekly and monthly chart, ADA registers gains of 90.66% and 114.02% respectively. Over the last year, ADA has surged almost 1,000%.
ADA price prediction by Michaël van de Poppe
Trader Michaël van de Poppe has been closely following Cardano’s performance and voiced great optimism in his latest video. The trader explained that the upside that Cardano experienced in 2017 to $1 will be “small” compared to the rally that will occur in the current bull cycle.
As van de Poppe stated, ADA is currently going through a small correction which could be followed by an acceleration to the 1.61 Fibonacci level on the daily chart. As the image below shows, ADA could be heading for a pullback that will precede a rise well above current levels. When this occurs, van de Poppe recommends starting to re-accumulate and “buy the dip”.
Source: https://www.youtube.com/watch?v=rn6ajVnLriA
According to him, the next important resistance for ADA is located at $1.12 and $1.17 (the all-time high of 2018). In the medium term, van de Poppe predicts that ADA could rise to $5 and $7. And in the current bull cycle, Cardano could even rise to $10 to $20, according to the trader, and as high as $170 in the next decade.
$170 per $ADA in 2030.
You heard it here first. pic.twitter.com/GQhUVYU2eM
— Michaël van de Poppe (@CryptoMichNL) February 7, 2021
Cardano – the ultimate “Ethereum killer”?
Strong fundamentals could be supporting an extension of the uptrend. Data from IntoTheBlock shows an increase in the number of traders who have held ADA for the past month. This figure stands at a multi-year high of 245,350 addresses. 11.82 billion ADA has already been traded in 7 days in February, more than ever before in one month, as the image below shows.
Source: https://twitter.com/intotheblock/status/1358515677091487744/photo/1
Therefore, FXS Cryptocurrencies predicts a price increase to $0.86 in the short-term, but cautions the following:
Cardano flies bull flag high, rising to the fourth position in the crypto market, ADA is primed for another 30% upswing to $0.86, but breakout may fail to come to life if ADAUSD does not rise above symmetrical triangle upper trendline.
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Number 4 in the top 10 could become the new norm for Cardano during 2021. The platform is even expected to be able to compete with Ethereum for the no. 1 spot in the DeFi sector. Cardano’s inventor and IOHK CEO Charles Hoskinson has been very vocal about the DeFi capabilities that will be deployed on the platform.
As reported by CNF, Cardano will activate its second Hard Fork Combinator (HFC) “Mary” for Goguen at the end of February. In March, Cardano’s smart contract platform, Plutus, will have a stress test. After that, IOHK wants to announce the date of the last HFC event that will complete the deployment of the DeFi components on the mainnet.
