Popular cryptocurrency analyst and trader Michaël van de Poppe has revealed that Cardano may rise in the near future after trading around a key support zone for a while.
The analyst’s remarks came after a steep correction that saw the market cap of the entire cryptocurrency market drop by nearly $200 billion and the ADA price plunge to $1.5, its lowest level since August.
According to the analyst’s charts, the cryptocurrency could soon start to rise to retest the resistance at around $2.3 before continuing its bull run. Earlier this month, the analyst revealed that he expects the price of ADA to drop to the key $1.6 level “before hitting a new run.”
As we previously reported, eToro recently announced on its website that it will “limit ADA and TRX” for US-based users due to regulatory concerns, and that these users will “no longer be able to open new positions or receive staking rewards”. Meanwhile, Bitstamp, one of the world’s most important cryptocurrency exchanges and Europe’s largest exchange by trading volume, announced that it has listed ADA.
Notably, despite the recent correction, the number of Cardano ($ADA) addresses that designate the cryptocurrency has increased by more than 100,000 in just two months as more investors arrive.