Veteran cryptocurrency trader and market analyst Michaël van de Poppe has identified a key level to watch on Cardano’s $ADA chart as the cryptocurrency attempts to break out upward. The trader noted the level may be a “party time trigger.”
In a tweet shared with his over 600,000 followers on the microblogging platform, the trader noted that the “party time trigger” is at the $0.48 mark, and that until Cardano’s ADA breaks through that level it’s “resting on support.”
The analyst shared a chart showing that a break above that trigger could see ADA surge to levels last seen in early June and set the stage for a wider breakout. The cryptocurrency is, at the time of writing, trading at $0.46 according to CryptoCompare data. Its all-time high near $3 was in August of last year, with the cryptocurrency sliding ever since.
As CryptoGlobe reported, an artificial intelligence-based price prediction model is suggesting that the price of Cardano’s native token ADA is going to surge to trade at $2.9 by September of this year, representing a 530% increase from the cryptocurrency’s current price.
In comparison, the cryptocurrency community has, through CoinMarketCap, predicted that ADA will trade at $0.78 by the end of August, and at $0.457 at the end of the year. The community’s near-term bullishness is likely related to the network’s upcoming Vasil hard fork.
The hard fork is expected to deliver a “massive performance improvement” to the cryptocurrency’s network. The hard fork is a major upgrade that will involve four Cardano Improvement Proposals (CIPs). It was delayed until later this month as the team behind it decided to be extra cautious after Terra collapsed.
Development activity on the Cardano network, which tracks “the number of GitHub events that the project organization generated”, has surpassed that of other major cryptocurrencies, including Ethereum ($ETH) and Solana ($SOL) ahead of the hard fork.
Image Credit
Featured image via Unsplash
