Prominent analyst Benjamin Cowen says Cardano looks strong as it continues to hold above key levels amid a crypto market correction.
In a new video, Cowen tells its 444,000 subscribers that the rebound from the recent ADA / BTC retracement is very strong and that it will soon climb to the 2021 highs at 0.000054.
“ADA has a long way to go in this cycle and it looks strong to me. ADA / BTC is currently at 4,500 satoshis (0.00045). For the pair to return to the highs from a few weeks ago, it must rise 12% or higher. If the Bitcoin price stayed the same, the price of ADA would be $ 1.87 or higher. “
Daily ADA / USD chart | Source: TradingView / Benjamin Cowen
On May 19, Cardano fell from an all-time high of $ 2.47 to $ 1.01, a steep drop of around 60%. At the time of writing, Cardano is trading at $ 1.77, up more than 77% from its May 2021 low.
In the medium term, the crypto strategist believes that Cardano will take a bigger step.
“When ADA / BTC rises to its all-time high, that would mean a profit of 95 or 96%. Suppose the price of Bitcoin stays the same, a 95% move will push the ADA / USD pair higher over $ 3.00 “.
Daily ADA / BTC chart | Source: TradingView / Benjamin Cowen
Daily ADA / USD chart | Source: TradingView / Benjamin Cowen
While Cowen is optimistic about Ethereum’s competitor over the long term, he still warns traders not to look forward to a major pull-out like the one ADA announced on Jan.
“This is probably not the only 60% pullback ADA will have in this market cycle. I really think ADA took a really good move to get it in the $ 5-10 range this market cycle. Here too, especially if ADA rises to $ 10, there will be a significant correction along the way. “
Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
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