Leading crypto trading expert Michael van de Poppe recently shared his current buy and exit strategy for Cardano (ADA), noting that the cryptocurrency has had a strong 2021 when compared to where it was trading at the start of the year ($0.17).
However, he highlighted that if you acquired it pretty late, you’re most probably down since it has dropped from $2.80 to even near to $1. Although it was a tough correction, it is not surprising given that more projects in the overall cryptocurrency market have experienced similar corrections.
Poppe mentioned the levels at which he is looking to purchase ADA and the zones he is looking to sell, which are the entry and exit points for the trade, stating, “there’s still a big run to come when it comes to Cardano.”
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Michael van de Poppe confirmed:
“When we’re looking at the USDT pair, you might want to conclude taking profits at $1.93 already, and then second, you want to look at profits around $2.38 that would be my exit plan when it comes to taking this trade.”
The trader’s strategy is to take around 10-15% profit at each level, he added:
“When we get into the Fibonacci extension 2, or we start deriving that, we can start taking profits on $4.50 and $6.50, and then I’ll completely be out but within those ranges.”
Taking profits and buying back in
Whatsmore, when the ADA runs, the analyst believes that he will simply take profits from the re-tests levels. As a result, the fact that he is taking profits here means that he will also be buying back in on a re-test before it starts running, and then he would continue doing the same as the impulse waves will most likely bring greater profits.
In particular, he indicated his trading plan at the moment:
“If I would like to have an exit plan and buy opportunity right now when it comes to Cardano against USDT. I’ll definitely be buying in between a buck towards $1.40, taking slight profits on those levels, taking heavy profits on those levels, and probably be completely out at $6.50.”
As a result, Poppe is not sure that Cardano would correct further; moreover, he believes that the situation has reached an interesting point at which it is worthwhile to begin looking at entry points.
“I’m not convinced that Cardano will be correcting, even more, I think that it’s actually into an interesting point where you want to start looking into opportunities at this stage,” he said.
Cardano to hit $2
Recently, we highlighted in a report that as trend reversal indications begin to manifest themselves, Cardano may be on its way to $2. However, a move to the upside will depend on the bulls’ ability to retain their position against the bears.
Previously, the Cardano crypto community had estimated the price of ADA to hit $2.40 by December 31. Currently, ADA is trading at $1.37, down 10.34% on the day and up marginally 1.41% over the last seven days, almost $1 less than the estimated price prediction.
Recommended guide: How to Buy Cardano?
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
