Cardano is one of the stars of the crypto space these days. The team behind the project has been marking various achievements and the price of the coin has been mirroring this.
The Daily Hodl notes that the crypto analyst and trader Benjamin Cowen recently stated that Cardano looks strong as it continues to stay above key levels amid the correction that has been going on in the crypto market for a while.
It’s been also reported that Cowen said that a rally to Cardano’s 2021 high of 0.000054 against Bitcoin (ADA/BTC) cound be right around the corner, especially considering the pair’s swift bounce after the crypto pullback.
He said that “We have a long way to go for this cycle, and ADA still looks relatively strong to me. The ADA/BTC valuation is currently at 4,500 satoshis (0.000045). For us to get back up to the local top that we just had a few weeks ago, we would need to go up another 12% or so. For an invariant Bitcoin, that would put the price of ADA at about $1.87 or so.”
At the moment of writing this article, ADA is trading in the green and the digital asset is priced at $1.83.
The analyst also said that “If we were to go to the global top of where ADA was against Bitcoin, that would represent another 95 or 96% move. For an invariant Bitcoin, a 95% move would actually put the valuation of ADA over $3.00.”
Cardano to hit $10
The long term target that he’s predicting is of $10.00.
“This is probably not the only 60% pullback that ADA will have during this market cycle. I do think that ADA has a really good shot at making it to the $5 to the $10 range this market cycle. Again, especially if we go to $10, the route to a $10 ADA would certainly have some substantial pullbacks along the way.”
Make sure to check out the video above in order to learn all that he has to say.