Cardano To Double in Value Amid Huge Breakout, Predicts High-Profile Analyst
A widely-followed crypto strategist and trader is predicting a 100% rise in Cardano’s (ADA) price following the smart contract platform’s ascent to a new all-time high.
In a new tweet, the analyst known as Kaleo tells his 292,700 followers that he believes (ADA) is gearing up for a massive rally after topping its 2018 bull market high.
“Tough to believe ADA won’t at least double from here. A clean break above the January 2018 all-time high earlier this month followed by accumulation above breakout. Only a matter of time before this starts sending again.”
Looking at the Bitcoin pair, Kaleo says ADA/BTC must take out a crucial resistance before it can ignite the next leg up.
“ADA/BTC Expecting resistance at 4,200 satoshis (0.000042). Break above that and it’s gone.”
Kaleo is bullish on a handful of altcoins as well. One altcoin on his radar is automated yield-generating protocol yearn.finance (YFI). According to the trader, yearn.finance’s breakout against Bitcoin (YFI/BTC) is a sign that the decentralized finance (DeFi) space is ready to follow suit.
“I don’t have a bag of YFI, but it’s difficult to not look at the YFI/BTC chart and not believe that DeFi really is getting to ramp up across the board. I’m starting to look for solid projects that haven’t moved much recently that look primed for continuation.”
Another coin on Kaleo’s list is Solana-based lending and borrowing platform Oxygen (OXY), which he believes is ready to bounce after carving a bottom at $2.70.
“OXY Calling a bottom on high time frame support. I’ll consider stacking more in the box if we get it. I still believe projects in the Solana ecosystem are undervalued.”
As for smart contract platform Polkadot (DOT), Kaleo says it must take out resistance of $48 before the Ethereum competitor can kick off the next phase of its bull market.
“DOT looks like it should finally be ready soon to break out of the range it’s been stuck in the past 3 months and extend higher. I have a bag.”
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Author: Daily Hodl Staff