Time To Be Cautious on Cardano? Analyst Michaël Van De Poppe Looks at What’s Next for the Explosive Altcoin

Time To Be Cautious on Cardano? Analyst Michaël Van De Poppe Looks at What’s Next for the Explosive Altcoin


Crypto analyst Michaël 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.

Van de Poppe says there’s now a “massive” chance that Cardano will retrace significantly after its epic breakout.

 

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If 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.”

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.

“The actual pain is on the downside. Doesn’t mean that Cardano can’t keep on running. It can. But you

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