A popular cryptocurrency analyst commented on the price performance of Cardano (ADA). He believes there is a gap between the altcoin price and the fundamentals of the project. Here are the details…
Michael van de Poppe draws attention to altcoin ADA
In a new YouTube video, crypto trader Michaël van de Poppe says there are “big opportunities” surrounding Cardano’s Vasil hard fork, which is scheduled to take place on September 22. The update aims to increase the scalability of the project. Michael van de Poppe uses the following expressions:
People assume we’re going to drop further from this point. But that is not the case as the most significant levels are usually not broken. In this case, it’s important to keep an eye on the area around $0.32 to $0.40. There should be support to avoid any market dump. These are the areas that will most likely be sustained as support for the next cycle.
On the other hand, the analyst draws attention to the Vasil hard fork development in the Cardano ecosystem. He says current price levels basically show that there is no momentum and hype for this hard fork. The Vasil hard fork includes a positive development that basically resembles an Ethereum merge. According to the analyst, if this is the case, it brings great opportunities. In this case, he states that $1 is “not unexpected” for the altcoin with this event.
Latest situation and hard fork in ADA price
cryptocoin.com As we have reported, Cardano has been working on the Vasil hard fork for a while. The hype for this hard fork was overshadowed by Ethereum Merge. But now the merge has taken place and it’s out of the way. The focus has now once again fallen on the Cardano network. Given that, there has been a lot of optimism about where the ADA price is heading from here. With the Cardano Vasil hard fork approaching, investors were expecting the kind of market rally that preceded the Ethereum Merge. However, the price of ADA is not responding in the same way as it continues to trend lower.
The cryptocurrency has experienced several dips during this time. It fell to $0.44 during the process. Despite the news of the hard fork and the exact date for the upgrade, there has been no significant increase in the crypto price. Instead, ADA succumbed to the overall market trend and remained in the red during this time. Currently, the ADA is down 1.1 percent in the last 24 hours. The coin tumbled 12 percent during 7 days when many cryptocurrencies were weak.
Meanwhile, as we reported in our previous articles, Van de Poppe is widely known for having some of his predictions come true in the BTC and altcoin world. Cryptocurrency analyst has come to the fore with the accuracy of Bitcoin predictions, especially in recent years.
