Popular cryptocurrency analyst Michaël van de Poppe has recently shared his thoughts on the smart contract platform Cardano ($ADA), and pointed to a “long-term, massive area to buy” the cryptocurrency.
In a tweet van de Poppe shared with his over 600,000 followers on the microblogging platform, the analyst noted that Cardano is near a “massive area to buy” as an investment for the long-term, and that it may even be the “low of this bear market.”
According to van de Poppe’s chart, that area is below $0.41. At the time of writing, CryptoCompare data shows that $ADA is trading at $0.405 which is presumably within van de Poppe’s suggested area. Cardano hit a low below $0.35 earlier this month before recovering.
Notably, earlier this week Cardano and Ethereum ($ETH) were leading the cryptocurrency market’s recovery after $ETH moved up 13.4% and $ADA 9.2% in 24 hours. Cardano’s price has surged along with the rest of the cryptocurrency market, but it could be outperforming other assets as the CEO of popular cryptocurrency exchange FTX, crypto billionaire Sam Bankman-Fried (SBF), has said that the trading platform is set to soon list Cardano as it’s on the exchange’s roadmap.
In response to a Cardano community member who suggested FTX wouldn’t list $ADA because they “view Cardano as a threat to everything they want to control,” SBF said that this is “definitely not the case” and that FTX has listed ADA perpetual contracts international, and is set to soon add spot ADA trading.
Earlier this month Charles Hoskinson, co-founder and CEO of IO Global, the company responsible for Cardano’s R&D, says that in the long term Cardano will evolve into “a network of blockchains.” Per Hoskinson, “when you think about the sidechain side of things, there’s potentially going to be dozens, potentially hundreds of sidechains running in parallel all tuned to pacific things.”
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