Is Cardano (ADA) about to take off?
In the last two weeks, most crypto assets, including CardanoThe native token ADA has seen impressive price gains recently, punctuated by a sharp decline aggressive stance by the Federal Reserve. Notably, ADA fell by over 45% from the high of $1.3264 to the low of $0.7620.
But now an expert has suggested that the sharp decline in asset prices may be coming to an end.
Cardano (ADA) recovering?
Michaël van de Poppe, founder of MN Consulting, hinted that an end to Cardano’s ADA price correction is in sight.
The prominent analyst expressed this view in a Monday December 30th X post A weekly candlestick chart suggested that he expected the asset’s price to rise from around $0.7460.
This price level served as a multi-year resistance after the asset fell below this price level in 2022. After breaking above the price level in 2024, van de Poppe now expects it to provide support for the asset’s next rise to new highs.
However, to reach new highs, ADA needs to break through potential resistance around $1.2430, according to van de Poppe’s analysis. At the time of writing, the asset is trading at $0.8524.
van de Poppe, meanwhile, has expressed confidence in ADA’s long-term potential. He claimed that the asset’s 300% rise from lows of $0.3263 in early November 2024 to highs of $1.3264 in early December 2024 is likely just the first impulsive phase of the bull market cycle. He predicted that the asset will break its all-time high price record of $3.09 sometime in 2025 or 2026.
ADA’s continued growth will likely depend on more than just macroeconomic factors…
