Popular crypto trader and market analyst Michaël van de Poppe has shared the “ultimate area” to buy the native token of smart contract platform Cardano, $ADA, after the network underwent its highly-anticipated Vasil hard fork.
In a tweet shared with van de Poppe’s over 600,000 followers on the microblogging platform, the analyst noted that looking at Cardano’s chart it’s “looking like we’re accumulating,” and pointed out that the “ultimate area to buy from is the region at $0.30-0.375.”
The analyst added that if we see the cryptocurrency’s level “front-un” as some may already be accumulating the cryptocurrency, a break of its downtrend is a suggested trigger to take a long position on ADA.
Cardano is trading at $0.44 at the time of writing after falling from a $0.51 high earlier this month. The cryptocurrency, along with the rest of the cryptocurrency market, has been enduring a significant downtrend from a $3 peak last year.
As CryptoGlobe reported, Cardano has seen its social activity surge to a new all-time high after the network successfully completed its Vasil hard fork, which brought to the network faster block creation, and upgrades Plutus smart contracts for increased efficiency while allowing decentralized applications to deploy and run at lower costs.
The Cardano Foundation and the Cardano ecosystem community, as well as all $ADA holders, celebrated the successful Vasil hard fork on the network’s mainnet, which honors Cardano ambassador Vasil Stoyanov Davov — who sadly passed away in his apartment in Plovdiv, Bulgaria on 3 December 2021 after a lengthy battle with pulmonary embolism.
Michaël van de Poppe has earlier suggested that the hard fork presents “massive opportunities” for ADA. Institutional investor bets on ADA quadrupled earlier this month at a time in which inflows to short Bitcoin products kept on rising significantly. Cardano led inflows last week with $400,000 invested in products offering exposure to the cryptocurrency, in contrast to the $100,000 of inflows seen the week before.
Year-to-date, Cardano-based investment products have seen $14.1 million in inflows. Other altcoins, including Solana ($SOL) and $XRP last week saw inflows of $300,000 and $100,000 respectively, while multi-asset investment products saw inflows of $200,000.
Featured Image via Unsplash
Source: Read Full Article