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Analyst says Cardano may be “going for a new run” after reaching critical buy zone

Analyst says Cardano may be “going for a new run” after reaching critical buy zone
Jordan
Major
6 days ago
3 mins read

Michael van de Poppe, a leading cryptocurrency trader, has been charting a significant support zone for Cardano (ADA) for some time now. 

On November 26, after a market correction that many are referring to as the “Black Friday sale for crypto,” ADA entered the key buy zone predicted by the expert. Interestingly, this is the first time the cryptocurrency has returned to this level since September, before the coin’s spectacular ascent. 

The purchase zone at $1.54 was reached on Friday morning after Cardano fell below the support level at $1.79. With that stated, van de Poppe anticipates Cardano to resume its climb over the critical $2 barrier after finding support around this price.

ADA/USDT Chart analysis. Source: Michael van de Poppe

Previously the digital asset analyst had stated

“I’m still expecting ADA to drop a bit more before we’re going for a new run.”

Earlier, he said on November 25 that he is:

 “Very happy to buy tose ADA dips at a later point in time” while waiting for the buy zone on the ADA/BTC chart.

ADA/BTC Chart analysis. Source: Michael van de Poppe

Cardano price

Currently, the decentralized asset is trading at $1.56 down 4.03% in the last 24 hours and a further 14.86% over the previous seven days.

Additionally, the market capitalization of ADA is $51.8 billion. Notably, after Cardano’s spectacular run to above $3 in September on the news of the Alonzo update, ADA has been on a slow decline. 

While Cardano has fallen behind rival Solana (SOL) in the rankings, it has maintained steady growth in its holding base. On November 10, we revealed that Cardano has added over 100,000 new staking addresses in the last two months, bringing the total to 942,117. 

According to numbers from Pooltool, a Cardano data gathering tool, that number is 977,906 as of November 26, up over 30,000 in less than two weeks.

Total stake addresses. Source: Pooltool

It’s also worth noting that, although the number of ADA staking wallets grew, the overall amount staked fell from $53.6 billion, or 72.17 % of the entire currency supply, to $36.85 billion during those two weeks.

ADA delisted on Etoro in the U.S.

Recently, it was revealed that social trading and multi-asset brokerage exchange eToro would no longer provide trading in Cardano (ADA) as well as Tron (TRX) for U.S. consumers.

It was announced in a blog post by the trading platform that the suspension would be effective starting on December 26, 2021, and that the staking of the tokens would finish on December 31, 2021. 

As for token holders, eToro announced that consumers in the United States will be able to sell their tokens in exchange for U.S. dollars. The first step of the delisting process will see eToro prohibiting users in the United States from opening new positions in Cardano and Tron. They are, however, permitted to close out their positions.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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Jordan Major
Author

Jordan is an investor and market analyst. He's passionate about stocks, ETFs, blockchain, and digital assets. At Finbold.com, he delves into the technicalities to obtain future trends for new market traders and gives insights into user-friendly platforms for beginners.

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