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Trading expert identifies the ‘ultimate area’ to buy Cardano

Trading expert identifies the ‘ultimate area’ to buy Cardano

After the long-awaited Vasil upgrade was implemented on the Cardano (ADA) network, crypto investors and traders are analyzing its token’s price activities to predict its movements in the nearest future and decide on the right time to buy.

According to the prominent crypto trading expert Michaël van de Poppe, the right time to buy Cardano would be its price of moving into the area between $0.30 and $0.375, as he explained in his tweet on September 25.

In his view:

“The ultimate area to buy from is the region at $0.30-0.375.”

Furthermore, Van de Poppe also noted that the cryptocurrency’s chart “is looking like we’re accumulating.”

Cardano price analysis. Source: Michaël van de Poppe

At the same time, the trading expert said that Cardano coming out of its current downward trend would trigger longs:

“However, will we see it front-run and people are already stacking? In that case, break of downtrend is your long trigger.”

Cardano price movements

Notably, the price of Cardano failed to record any price boom, despite LunarCrush data showing a significant increase in Cardano social mentions in the run-up to the Vasil upgrade.

At press time, the decentralized finance (DeFi) token was trading at $0.4384, down 3.65% over the day, although it is up 0.34% across the previous seven days, as per CoinMarketCap data.

Cardano 7-day price chart. Source: CoinMarketCap

Vasil upgrade and smart contract activities

According to Input Output (IOHK), the organization running the platform, the purpose of the Vasil upgrade was to enhance its smart contract functionality and efficiency, unlock several functionalities that enable data sharing on-chain, and introduce diffusion pipelining.

Meanwhile, the number of smart contracts on the platform had already surpassed the 3,000 mark in early August, onboarding five new Plutus Scripts per day during the period between mid-July and mid-August, as Finbold reported.

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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