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.
Cardano (ADA), XRP Price Could Retest These Levels Before Skyrocketing!
- XRP could possibly hit highs of around $1.2. Extreme sell-offs would plummet XRP below $1.
- ADA might hit its resistance around $2.4 but could test its support levels before the uptrend.
The crypto space has been a rough sail for altcoins such as XRP and ADA. However, the coins have managed to withstand strong and gusty winds. Meanwhile, investors and traders are eagerly waiting for a pull-out from the blues.
XRP at press time is trading at $1.09, with negative gains for the last 24-hours at 1.1%. The market cap stands at $51,193,598,011. While the trading volume for the last 24-hours hovers around $3,742,571,734.
XRP has been moving along the descending triangle. A triple top formation is visible on the charts. The coin has attempted to break through each time and has failed to keep up the momentum.
The digital asset has been moving along a narrow range. If it breaks out the triangle, we can expect it to reach its resistance at $1.2. On the contrary, XRP would move across the narrow range. However, extreme sell-offs would result in XRP plummeting below $1.
Cardano, the top-tier altcoin at press time is trading at $2.16 with negative gains at 1.1% for the last 24-hours. While the market cap is at $69,172,092,701. The trading volume for round the clock floats around $1,749,372,395. ADA has not let its foot lose at its level of $2.0, despite the crash. However, massive sell-offs might result in ADA plunging to its strong support levels. Prior to rebounding to its resistance around $2.4
Collectively, XRP and ADA could propel towards their respective resistance levels in near future. And hopefully, bullish momentum could follow with the commencement of the alt season. Netizens are expecting a massive rally to follow, as it has been due for a brief period of time.
Cardano Price Analysis: ADA bulls and bears remain within a tight spot at $2.15
- Cardano price analysis is bullish today.
- ADA/USD set a lower low overnight.
- Cardano is likely to regain some of the loss today.
Cardano price analysis is now bullish, with a new lower low being established after a solid decline over the previous 24 hours. As a result, we expect ADA/USD to recover some of its loss later today as bears become weary. Cryptocurrency heat map. Source: Coin360
The overall market traded with mixed results over the last 24 hours. The market leaders, Bitcoin and Ethereum both traded in the red, with a loss of 2.88 and 2.99 percent, respectively. Meanwhile, Solana and VeChain (VET) dominate the market, with a gain of around 7.5 percent.
Cardano price movement in the last 24 hours: Cardano spikes below $2.15 previous low
During the last day, the ADA/USD pair fluctuated from a low of $2.13 to a high of $2.164, suggesting significant swings throughout that period. Volatility has increased by 27 percent, trading volume has increased by 27.43 percent and totaled $2.78 billion as of this writing, putting the coin in third place overall.
ADA/USD 4-hour chart: ADA set to reverse today?
On the daily chart, we can see Cardano’s price drop beginning to reverse as bears run out of steam after a significant fall.ADA/USD 4-hour chart. Source: TradingView
Cardano’s price has remained stagnant for the previous several weeks. Cardano saw consolidation in a tighter range, with a lower peak at $2.30 near the start of October, after establishing a high low of $2.30 in early October.
The next higher high of $2.30 was followed by a lower low set during the subsequent retracement, which was below $2.15. As a result, the overall trend for ADA/USD is still unclear.
We may see Cardano’s price recover some of its losses in the coming days. If a lower high is broken, we can anticipate bearish momentum to continue into next week.
Cardano Price Analysis: Conclusion
Today’s Cardano price is in an upswing, according to most market forecasters. After a big drop, a new lower low was established today. Bearish momentum, on the other hand, has run its course, and we may expect a retracement in the next 24 hours.
Cardano price hangs back as ADA bulls gather strength for 23% upswing
- Cardano price performance has been uneventful, as the token lagged behind while Bitcoin and Ethereum recorded new all-time highs.
- ADA bulls appear to be struggling with the nearest obstacle at the 21 twelve-hour SMA.
- Only a slice above $2.24 would put the 23% rally on the radar.
Cardano price continues to confuse forecasts ADA teeters between two clearly defined technical levels. Until the Ethereum-killer can overcome the two key areas of resistance, the token can expect a 23% climb toward $2.73.
Cardano bulls ready to tackle next obstacles
Cardano price presents a lack of clear directional bias as it continues to be sealed within a symmetrical triangle pattern on the 12-hour chart. Despite the recent uptick seen in the cryptocurrency market, witnessing Bitcoin and Ether reach new all-time highs, ADA lagged behind.
It appears that Cardano price is gearing up to tackle obstacles, despite the overwhelming strength of the resistances that are currently intimidating the bulls. The first hurdle for ADA is at the 21 twelve-hour Simple Moving Average (SMA) at $2.16. If the Ethereum-killer manages to slice above this level, the next headwind will emerge at the 23.6% Fibonacci retracement level, coinciding with the 50 twelve-hour SMA at $2.19.
According to the IntotheBlock’s In/Out of Money Around Price (IOMAP), the aforementioned level of resistance would be a challenging level to crack for the bulls, given that it is the largest cluster recorded by the technical metric, as 226,650 addresses purchased 7.82 billion ADA at an average price of $2.19.
If the buyers manage to slice above this stiff hurdle, would see Cardano price tag the upper boundary of the prevailing chart pattern at $2.24. Breaking above the topside trend line of the triangle would put the 23% climb on the radar for ADA, as the bulls attempt to reach for $2.73.
ADA/USDT 12-hour chart
The bulls’ journey toward the optimistic target would still be tricky, as a resistance line given by the Momentum Reversal Indicator (MRI) has appeared at $2.30, which sits near the 100 twelve-hour SMA acting as a heavy headwind for Cardano price. ADA would also need to clear the $2.36, $2.50 and $2.64, corresponding to the 38.2%, 50% and 61.8% Fibonacci retracement levels, respectively, before reaching the projected target given by the chart pattern.
However, if a spike in sell orders occurs, Cardano price may fall toward the lower boundary of the symmetrical triangle at $2.10 to retest the trend line as support. If this level fails to hold, the bullish outlook may be ruined as ADA may drop toward the 200 twelve-hour SMA at $2.07 and at the same time put a bearish target of a 23% decline at $1.62 on the radar for the Ethereum-killer.