Crypto & Blockchain Daily Brief Monday, February 5, 2024

Cardano (ADA) has been predicted to skyrocket by 1,400% based on technical analysis. The cryptocurrency analyst, Michaël van de Poppe, believes that ADA could surge to $10, which is a 1,400% increase from its current price of around $0.66. Van de Poppe based his prediction on the long-term chart of ADA, noting that the cryptocurrency has been consolidating for a while and is now ready for a major breakout. He pointed out that ADA has been trading within a symmetrical triangle pattern, which typically indicates a continuation of the previous trend. In this case, the previous trend was bullish, suggesting that ADA could experience a significant price increase. Furthermore, Van de Poppe highlighted the strong support that ADA has at around $0.35, which adds to the bullish case for the cryptocurrency. He noted that if ADA manages to break above the resistance level at $0.84, it could trigger a massive rally towards the $10 price target. In addition to technical analysis, Van de Poppe also mentioned several fundamental factors that could contribute to the potential surge in ADA's price. He pointed out that Cardano has been making progress with its development, with the upcoming release of the Alonzo upgrade, which will bring smart contract functionality to the network. This upgrade has generated a lot of excitement among investors and could attract more attention to ADA. Overall, Van de Poppe's prediction of a 1,400% increase in ADA's price is based on a combination of technical analysis and fundamental factors. However, it's important to note that cryptocurrency markets are highly volatile and unpredictable, so investors should exercise caution and do their own research before making any investment decisions.