Analyst says Cardano could jump 20% over next few weeks

Cardano (ADA) is trading near $0.53, just about in the green on Thursday evening as the crypto market looks to hold onto yesterday’s gains.

The ADA/USD pair is however facing some pressure with prices falling from intraday highs above $0.54, a price level that’s likely to prove crucial to bulls’ chances of breaking higher.

Cardano price outlook

ADA already has reached resistance at this zone this week. It dipped below the supply reload region to reach lows $0.50 on Tuesday. Cardano prices fell to $0.49 in the past rejection at the level.

However, Michael van de Poppe, a crypto analyst believes that buyers can still cause a rally if they maintain above the critical 50-day moving mean.

Cardano Price Chart and Key Price Levels Source: Michael van de Poppe

The analyst shared the chart on Twitter. It shows that the price gauge is still above $0.47. The MA has held steady for the cryptocurrency over the last few days. Van de Poppe sees a trigger at $0.55 that could be an upside signal. This could allow for a breakout to new resistance between $0.66 and $0.0.70.

Analysts see a 20% rally in September if the breakout occurs.

“Cardano follows the plan and looks ready for continuation, as the entire market looks ready for continuation. Expecting to see $0.70 as possible in the next few weeks,” he predicted.