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.
“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