Following a plunge near $1, popular cryptocurrency expert Michael van de Poppe believes the price of Cardano ($ADA) has bottomed out and is now “seeking” a rise toward the $2 mark as investors flock in.
Van de Poppe highlighted in a fresh video posted on the Google-owned YouTube channel that Cardano is currently exhibiting strength in the market, noting that attitude for the cryptocurrency suddenly flipped from gloomy last month to positive with the launch of a slew of new platforms on its blockchain.
The crypto price bounced off a significant support level around the $1.2 mark, according to the Dutch analyst, and is expected to continue because “charts didn’t change, which means crucial support is still the same.”
“We can see that the momentum or true enthusiasm behind Cardano is waking up again,” the expert noted. According to CryptoGlobe, the price of ADA increased after Coinbase addressed a withdrawal glitch that prevented customers from withdrawing their cash and after the first usable decentralized finance (Defi) application was launched on its ecosystem following an under-the-radar offering.
MuesliSwap, the first application, is a decentralized exchange with launchpad features that was also built on the Bitcoin Cash blockchain. The platform is not available on either Ethereum or the Binance Smart Chain, two of the largest Defi platforms by total value locked.
To the Dutch analyst, those looking to invest in ADA now to take advantage of the rally should look for “additional confirmation on lower levels or a retest.”
Van de Poppe has previously stated that he is positive about Cardano and has set a long-term price goal of $10 for the cryptocurrency. Cardano is now trading at approximately $1.5, according to CryptoCompare data.
After the main net launch of SundaeSwap, a native, scalable decentralized exchange and automated liquidity provision protocol” funded by fund, a venture firm anchored by IOHK, Alameda Research, and Double Peak Group, investors are banking on ADA.