Michaël van de Poppe, a crypto analyst and trader, popularly known on Twitter as Crypto Michael, has stated that he believes Cardano (ADA), the 4th largest cryptocurrency by market capitalization, has the potential to hit $5.
In a new video first reported by Daily Hodl, the analyst stated that Cardano (ADA) is looking relative to other digital assets during the market correction and consistently making higher lows in its price trend.
Afterward, the analyst pointed out that Cardano (ADA) could head to $3.35 level based on an analysis of its Fibonacci zones, before skyrocketing to $5 if it manages to break through its resistance at the $1.8 mark.
According to Crypto Michael, the digital token ADA needs to hold onto its support at around 4,000 satoshis in the ADA/BTC pair to gain more upside momentum against the largest cryptocurrency by market capitalization, Bitcoin (BTC).
Michaël van de Poppe noted:
“If we do have this break above $1.80 you can use the Fibonacci extension to derive the next target zones which is $3.35 and $5.00. If we get this break into the upside, if Bitcoin is going to find its bottom formation here, we can start targeting to these two target zones here, so there’s upside to be expected, and not everything is bad in the markets”.
In a tweet on 30th May 2021, the top trader stated that Cardano is one of the strongest altcoins in the market.
Crypto Michael tweeted:
“Request 02 – Cardano. This one is actually one of the strongest performers in the market. Hard drop, after which a strong bounce occurred. Since then, beautiful HL constructed and further consolidation, before continuation expected. BTC pair doing fine too”.