Leading crypto analyst Michael van de Poppe recently shared the current buy and exit strategy for Cardano (ADA), noting that ADA is having a strong 2021 compared to where it traded at the start of the year ($0.17). Analyst’s shares Cryptocoin. com we have compiled it for its readers.
Here are the analyst’s Cardano strategies
The analyst emphasizes that if you bought quite late, you are most likely in decline as it even dropped from $2.80 to $1. While it’s a tough fix, it’s not surprising given that more projects in the overall cryptocurrency market are experiencing similar corrections. “There is still a big run when it comes to Cardano,” says Michael van de Poppe, talking about the levels he wants to buy ADA and the regions he wants to sell as the entry and exit points of the trade. The analyst makes the following assessment:
Looking at the USDT pair, you may want to profit from $1.93 already. Second, you might want to look at the profit of around $2.38, which will be my exit plan when it comes to this trade.
The analyst states that his strategy is to make around 10-15% profit at all levels:
Once we enter or start deriving the Fibonacci extension 2, we can start profiting from $4.50 and $6.50 and then I will be completely out but in those ranges.
Moreover, once the ADA works, the analyst believes that he will simply profit from the retest levels. All in all, the fact that he’s taking profits here means he’ll take it back in a retest before starting work, and then keep doing the same thing. Because driving waves think it will likely bring more profits:
Currently, if I want to have an exit plan and buy deals when it comes to Cardano against USDT, I will definitely buy between a dollar up to $1.40. I will take light profits at these levels, heavy profits at these levels, and probably fully exit $6.50.
As a result, the analyst is unsure whether Cardano will correct further. Moreover, he believes the situation has reached an interesting point worth looking into:
I’m not convinced Cardano will fix it. In fact, I think it comes to an interesting point where you can seize opportunities at this stage.
