Crypto analyst Micha\u00ebl van de Poppe is looking at Cardano, which has surged a staggering 116% over the past 30 days and 2,400% in one year, according to CoinGecko<\/a>.<\/p>\n Van de Poppe says<\/a> there\u2019s now a \u201cmassive\u201d chance that Cardano will retrace significantly after its epic breakout.<\/p>\n \u00a0<\/p>\n \u201cIf you want to buy Cardano right now, the chances of a significant drop and drawdown on your entry based on the daily time frame is massive. This means that it can easily correct 25-30% and still be bullish. But you have been going down 25%, while potentially a better entry is granted on those lower levels.\u201d<\/em><\/p>\n At the time of writing, Cardano is trading at slightly below $3.00 and Van de Poppe says he would prefer buying at or below $2.45 since such an entry point offers a better risk-reward ratio.<\/p>\n \u201cThe actual pain is on the downside. Doesn\u2019t mean that Cardano can\u2019t keep on running. It can. But you have to wait or look for levels that are interesting to watch in order to actually take the entry\u2026<\/em><\/p>\n I would be looking around $2.45 and second, I would be looking around the area that we have around $2.\u201d<\/em><\/p>\n Van de Poppe says that the target zones for profit taking are at or above $4.40.<\/p>\n \u201cWhat is the next target zone for Cardano based on the impulse waves? Well, obviously you can use the Fibonacci extension based on the previous impulse wave, through which you can target $4.75 and $6.80. You can also do it based on the recent run, and then you get to $4.40 and $6.50.\u201d<\/em><\/p>\n \u00a0<\/p>\n The analyst says that signs of a retracement for the third-largest cryptocurrency by market cap are also evident on the Cardano\/Bitcoin (ADA\/BTC) chart.<\/p>\n \u201cIs Cardano done with running at this point? I don\u2019t believe that it is. But it shows that we might be getting such a corrective move at this point, given the fact that also the daily [time frame] on the Bitcoin pair [ADA\/BTC] is not really granting any strength at all. So the scenario that we have here is showing us a potential corrective move.\u201d<\/em><\/p>\n Don’t Miss a Beat \u2013 Subscribe<\/a> to get crypto email alerts delivered directly to your inbox <\/span><\/em>
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