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Crypto market analyst identifies bullish ‘party time trigger’ for Cardano

Crypto market analyst identifies bullish ‘party time trigger’ for Cardano

With the crypto sector finally getting some respite from the crisis that created a ripple effect across most of the decentralized finance (DeFi) assets, traders and investors are taking their time to analyze the price action of Cardano (ADA) and try to predict its next steps.

Upon detailed examination of Cardano, crypto trading expert Michaël van de Poppe has identified one possible trigger that might change the game for the biggest Proof-of-Stake (PoS) asset, and revealed it, along with a chart illustrating his analysis via Twitter on July 6.

According to van de Poppe, the “party time trigger is at $0.48,” adding that “until then, [ADA is] still resting on support.”

Cardano price action analysis. Source: Michaël van de Poppe

If what van de Poppe predicts materializes, it would go in line with some of the Cardano price projections made by both the crypto community and a deep learning algorithm that predict a bullish surge for the token.

Other Cardano price predictions

Earlier, Finbold reported on a price prediction algorithm that uses an open-source machine learning framework projecting that Cardano would reach the price of $2.90 by September 1, 2022.

Similarly, the community votes at CoinMarketCap envision an average ADA price of $0.79 for the end of August and $0.88 for the end of July. Meanwhile, the algorithm predicts that Cardano could trade at $1.63 in late July.

At press time, Cardano is trading at $0.4574, which is a 2.29% increase on the day, but still represents a 3.01% decline across the previous seven days, according to the data retrieved from CoinMarketCap.

The increase in price could take place as the anticipated Vasil hardfork draws near, especially after its recent successful launch on the testnet by the blockchain’s developer Input Output (IOHK).

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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