Analyst Says Cardano Presenting Epic Opportunity for Long-Term Bulls, Updates Outlook on Three Other Altcoins
A widely followed crypto strategist says that smart contract platform Cardano (ADA) is hovering at a price area that could offer massive upside potential for long-term holders.
Analyst Michaël van de Poppe tells his 638,000 Twitter followers that ADA could be in the process of carving a bear market bottom.
“Long-term, massive area to buy for investments.
Might even be the low of this bear market.”
Looking at the analyst’s chart, Cardano has virtually erased all of its 2021 bull market gains as ADA is now trading back at the level where last year’s rally began, indicating a full retrace and a reset of the coin’s valuation.
At time of writing, ADA is swapping hands for $0.40, flat on the day.
Van de Poppe is also keeping a close watch on decentralized oracle Chainlink (LINK). According to the crypto strategist, LINK is in a position to rally toward a target of $9.20 after the coin broke out of its downtrend on the low timeframe.
“LINK: must play.”
At time of writing, LINK is trading for $7.84, also flat on the day.
Next up is Quant (QNT), a protocol that aims to enable multiple blockchains to seamlessly interact. Van de Poppe says he’s looking at two key levels for QNT for a potential bounce play.
“Looking at the same levels for some bounce plays. Area at $160 did play out. Now we’re again at that support or we’re looking at $140 for a play.”
At time of writing, QNT is changing hands for $167.
The last coin on the trader’s radar is Reserve Rights Token (RSR), a cryptocurrency designed to facilitate the stability of the asset-backed stablecoin known as the Reserve Token (RSV). According to Van de Poppe, he expects RSR to ignite a fresh leg up if it takes out its immediate resistance at $0.007.
“This one looks like it’s in the middle of the pack.
Longing around $0.0055 and when the flip of $0.007 takes place.”
At time of writing, RSR is valued at $0.006, down 1.80% in the last 24 hours.
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Featured Image: Shutterstock/agsandrew/Mingirov Yuriy
