Thursday, June 17, 2021

Analyst: Cardano (ADA) Is Poised To Hit $5-$10 before the End of This Bull Cycle

Benjamin Cowen, a crypto analyst and trader, has stated that Cardano (ADA), the 5th largest cryptocurrency by market capitalization, has the potential to hit $5 to $10 before the end of the current bull cycle.

Cowen shared this in an interview with Altcoin Daily hosts, Aaron and Austin Arnold. According to the analyst, it’s crucial to know whether an altcoin is outperforming Bitcoin (BTC) in a bull market when considering its value in USD. In this regard, he’s certain that Cardano (ADA) has so far outperformed the flagship digital currency in this bull cycle.

Read Also: Crypto Michael Predicts How High BTC, ETH, ADA, DOT Can Go In This Bull Cycle

Benjamin Cowen noted:

“If an altcoin can’t outperform Bitcoin, then there’s no point in holding it. Can ADA outperform it… ADA outperforms Bitcoin in a bull market…

“Going back to ADA, I see this as still a long-term play. Now, buying ADA at $1.37 is much riskier than buying it at $0.02… but in the grand scheme of the cycle, I do think ADA has a ways to go. I don’t think 1.37 is the market cycle top by any means. Market cycle tops don’t look like this.

Read Also: Cardano Foundation Withdraws Delegation from a Stake Pool Following Exploitative Fee Change

I think in the grand scheme of the market cycle, I think it’s going to go much higher than where it currently is. If I had to throw a ballpark number out there, I would say somewhere between like $5 to $10 is my guess… If I’m wrong because it goes higher than $10, that’s something I don’t mind being wrong about.”

Despite the fact that the crypto trader is optimistic that Cardano (ADA) will keep rising against USD, he warns that there may be steep pullbacks in the course of its climb:

“I can also tell you too that if we go there, it’s going to be one crazy journey and we’re not going to go straight to those levels.

Read Also: Simplex Integrates Cardano to Make ADA Purchase Seamless With Credit or Debit Cards and Apple Pay

“We’re probably going to have some major pullbacks along the way and the way we look at that is noting Ethereum had some pretty major pullbacks last cycle as well… I think it can go those levels, but it’s certainly not going to be an easy ride.”


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Tobi Loba
Tobi-Loba is a creative and an award-winning writer with over 5 million readers from all over the world. She has B.A in English and Literature from a reputable University and currently studying for her M.A in the same field. She recently became a contributor at Herald Sheets in order to satisfy her thirst in reporting crypto and blockchain occurrences, the interest she built over the years.

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