en
Back to the list

Cardano Price Surge of Over 620% ‘Realistic’ for This Bull Cycle, According to Crypto Analyst Benjamin Cowen


dailyhodl.com 25 August 2021 17:10, UTC
Reading time: ~2 m

Popular crypto analyst and trader Benjamin Cowen says that a 624% increase for Cardano is “realistic” for the smart contracts platform this bull cycle.

Cardano’s native asset ADA has surged this month as the proof-of-stake blockchain platform nears its much-publicized Alonzo upgrade, currently scheduled for next month.

ADA is up a whopping 124% in the past 30 days, according to CoinGecko.

Cowen believes it’s only just getting started.

The analyst says if Cardano were to surge to its prior all-time high in terms of the Cardano/Bitcoin (ADA/BTC) pairing valuation, the asset could go up another 54% against the leading crypto asset.

That puts ADA around $4.50, if Bitcoin stays steady in USD prices, according to the crypto analyst.

Cowen notes, however, that if Bitcoin goes up 2x during this bull cycle, ADA could reach $9. If Bitcoin reaches $150,000, then ADA could be in the $13-$14 range.

That would just be simply going back up to the prior all-time high against the ADA/Bitcoin valuation. Clearly, we could exceed it. And that’s why… if we exceed it, potentially we could go higher than these levels. Maybe we could go to $15, $16, up to $20 or something. That would be the highest I can imagine…

That $10-$20 range is sort of what I would consider to be too much for the market to continue to bear without having a substantial pullback.”

A move to $20 represents a 624% surge for Cardano from its current price of $2.76.

The upcoming Alonzo upgrade aims to bring smart contract functionality to Cardano via an upgrade called a “hard fork combinator (HFC) event.” The move is designed to provide support for developers who wish to build decentralized finance (DeFi) applications on the platform.

 


   Source
Back to the list

Similar news
Suggest news