Crypto analyst and trader Benjamin Cowen says that Cardano looks strong as it continues to stay above key levels amid the continued correction in the broader crypto market.
In a new video, Cowen tells his 444,000 subscribers that a rally to Cardano’s 2021 high of 0.000054 against Bitcoin (ADA/BTC) is in the cards given the pair’s swift bounce after the crypto pullback.
“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.”
On May 19th, Cardano dropped to $1.01 from its all-time high of $2.47, representing a sharp decline of about 60%. At time of writing, Cardano is trading at $1.74, up over 72% from the May 2021 low.
In the mid term, the crypto strategist believes that a more sizable move for Cardano is within the realm of possibility.
“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.”
While Cowen is long-term bullish on the Ethereum competitor, he cautions traders to prepare for massive pullbacks just like the one ADA experienced on May 19th, especially if Cardano hits his long-term target 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.”
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