Popular cryptocurrency analyst and trader Michaël van de Poppe has revealed he sees Cardano’s $ADA move up in the near future after it traded around a significant support zone for some time.
The analyst’s words come after the entire cryptocurrency market endured a steep correction that saw its market capitalization drop by around $200 billion and the price of $ADA drop to around $1.5, its lowest level since August.
The crypto market correction saw ADA’s price hit a key area outlined by van de Poppe, who pointed out on November 25 he would be “very happy” to buy ADA once it fell to two outlined areas in an ADA/BTC chart. These pointed to $1.54 and $1.75.
Per the analyst’s charts, the cryptocurrency could soon start moving up to retest resistance at around $2.3, before continuing its bull run. The analyst had earlier this month revealed he expected ADA’s price to drop to the key $1.6 level “before we’re going for a new run.”
As CryptoGlobe reported, eToro recently announced on its website that due to regulatory concerns it would be “limiting ADA and TRX” for users based in the U.S. and that these users would “no longer be able to open new positions in, or receive staking rewards for, Cardano (ADA) and TRON (TRX)” but would be “able to close existing positions.”
Cardano’s Charles Hoskinson has commented on eToro’s move, which contributed to ADA’s price drop, saying that neither the Cardano Foundation nor Input Output Hong Kong (IOHK) had been contacted by any financial regulators about ADA. Hoskinson added that although it’s unfortunate eToro felt it had to delist the token from its platform in the U.S., the move will have no meaningful impact on $ADA’s liquidity as it did not handle a large trading volume.
Meanwhile Bitstamp, one of the world’s longest-running cryptocurrency exchanges and Europe’s largest exchange by trading volume, announced it is listing ADA.
Notably, despite the recent correction, the number of Cardano ($ADA) addresses staking the cryptocurrency has grown by over 100,000 in just two months as more investors are betting on the cryptocurrency and its ecosystem. Data shows there are $54.07 billion worth of the cryptocurrency staked across 2,931 active pools, representing over 72% of the ADA’s supply.
Disclaimer
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.
