Cardano Set To Explode, Says Crypto Analyst Benjamin Cowen
CoinEdition
Published May 10, 2021 02:41AM ET
Updated May 10, 2021 03:00AM ET
Cardano Set To Explode, Says Crypto Analyst Benjamin Cowen
- Crypto analyst Benjamin Cowen shares his insights into Cardano’s (ADA) price action.
- Cowen explains the future of the seventh-largest cryptocurrency.
- He expects an altcoin to increase its USD value during a bull market.
Crypto analyst Benjamin Cowen shared his insights into Cardano’s (ADA) price action. He thinks the Ethereum competitor is headed further up this market cycle.
In an interview with Altcoin Daily hosts Aaron and Austin Arnold, Cowen explains the future of the seventh-largest cryptocurrency.
Cowen notes that one generally expects an altcoin to increase its USD value during a bull market. It is crucial to note whether the asset is outperforming Bitcoin.
“If an altcoin can’t defeat Bitcoin, then there’s no reason in holding it. Can ADA outperform it? ADA beats Bitcoin in a bull market.”
Even though ADA may be in a bit of a consolidation phase presently and it is already up over 3,000% in the last 12 months. Cowen reasons that the smart contract platform may rise by over 500% regarding its price of $1.64 in the current market cycle.
“Going back to ADA is a long-term play. Now, purchasing ADA at $1.37 is riskier than purchasing at $0.02. But in the huge scheme of the cycle, I don’t think ADA has plans to go. I would say somewhere between like $5 to $10 is my guest. If I’m wrong because it goes higher than $10, that’s something I don’t mind being wrong about.” Cowen added.
Cowen assumes ADA to keep growing toward USD, particularly after the current Ethereum rally loses some steam. Besides, Cowen advises that there may be some very steep and harsh pullbacks during its ascent.
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