Analyst says Cardano could jump 20% over next few weeks

Cardano (ADA) is trading near $0.53 and is trading near green on Thursday night as the crypto market appears to continue yesterday’s gains.

However, the ADA/USD pair is facing some pressure as the price falls above $0.54 from intraday highs, a key price level to increase the chances of a breakout from the bulls’ topside. doing.

Cardano Price Outlook

ADA has already reached resistance in this zone this week, falling from the supply reload area to a low of $0.50 on Tuesday. Cardano’s price also dropped to $0.49 due to the previous rejection at the level.

However, crypto analyst Michael van de Poppe believes that buyers could still face a pullback above the critical 50-day moving average.

Cardano price chart and key price levels. sauce: Michael van de Poppe

That price gauge remains above $0.47, according to the above chart shared by the analyst on Twitter. The cryptocurrency has held firmly in the MA for the past few days. Van de Poppe sees $0.55 as a trigger for an upside, but a retest could lead to a breakout of new resistance near $0.66 to $0.70.

In the event of a breakout, analysts see a 20% gain by early September.

“Cardano follows the plan and appears ready to continue as the entire market appears ready to continue.$0.70 expected in coming weeks,” he predicted.