Cardano: Crypto Analyst Says $ADA Is His ‘Racehorse’ for ‘This Market Cycle’

Cardano: Crypto Analyst Says $ADA Is His ‘Racehorse’ for ‘This Market Cycle’

May 31, 2021

On Sunday (May 30), popular crypto analyst Benjamin Cowen commented on $ADA’s impressive price action during the current downtrend in the crypto bull market.

Cowen Tweeted:

According to data by TradingView, currently (as of 08:45 UTC on May 31), on crypto exchange Kraken, $ADA is trading around $1.6187, down 0.39% in the past 24-hour period.

However, if you look at the year-to-date (YTD) period, $ADA is up 790.86% vs USD.

In a video released on his YouTube channel on May 15, Cowen told viewers that Cardano could double in price after a big breakout against Bitcoin. 

According to a report by The Daily Hodl, he said:

The highest valuation that ADA has ever been against Bitcoin is over here (0.00008 in 2018). If we take a measured move from the current prices to that level, it’s another 105%… With the idea that ADA can go up 105% in terms of reaching its global top against Bitcoin for an invariant Bitcoin, where would that put ADA/USD? It would actually put it at a modest, at a very, very humble $4.35… We’re not saying it’s going to go there by any means… We’re just saying, ‘Hey, it’s done it before.’ And arguably, ADA has got a lot more going for it today than it did back in 2017, 2018.

Another crypto analyst impressive with Cardano is Michaël van de Poppe, who said yesterday that $ADA is “one of the strongest performers in the market.”

Van De Poppe said on May 5 that he could see $ADA reaching $5:

Given that yesterday Cardano’s $ADA token was one of the best performing cryptoassets among the top 20 cryptos by market cap and the fact that Cardano has one of the largest and most passionate communities, perhaps it is not surprising that Cryptocurrency social media analytics platform LunarCRUSH rated Cardano #1:

On May 27, IOHK, which is the main company that develops the Cardano protocol software, announced that it had launched the first “Alonzo Blue” testnet, which is an important milestone in the journey to the launch of smart contract support on Cardano’s mainnet.

DISCLAIMER

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.

IMAGE CREDIT

Photo by “EvgeniT” via Pixabay

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