Analyst on Cardano: if an altcoin can’t do this… ‘there’s no point in holding it’
One of the most trending altcoins, Cardano’s recent demand surge has been well documented. For a coin that was silent during the previous year, it made strides on the price charts this year.
TA expert and analyst Benjamin Cowen recently appeared in a youtube interview to talk about this altcoin’s bullish narrative.
Cardano’s ADA has been touted as the ‘Ethereum killer’ but Benjamin Cowen portrayed the alt as a ‘hedge” against ETH instead. He spoke about what would drive traders to invest in alts. He stated:
“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.”
An ‘unusual extreme optimism’ one would say considering ADA’s present consolidation phase. However, looking at a broader frame, the coin was up over 3,000% in the last 12 months.
Source: Trading View
The seventh-largest coin was bound for more upswing according to the analyst, as he stated that the alt may even be ‘skyrocketing to another 500% incline’ from its current price of $1.73. He added:
“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.”
He further conceded:
“If I’m wrong because it goes higher than $10, that’s something I don’t mind being wrong about.”
Based on a prediction model from digitalcoin, the charts below indicate the growth potential that’s in store for Cardano.
Cowen, however, was quick to warn about the possibilities of some very steep and harsh withdrawals throughout ADA’s climb. He stated
“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. 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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