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Cardano, one of the most common altcoins, has seen a recent increase in demand. For a coin that was relatively quiet the previous year, it made significant progress on the price charts this year.
Benjamin Cowen, a TA specialist and commentator, recently featured in a YouTube interview to discuss this altcoin’s bullish story.
Cardano’s ADA has been dubbed the “Ethereum killer,” but Benjamin Cowen sees the alt as a “hedge” towards ETH. He discussed what would entice traders to invest in alternative assets. He said, ”
“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.”
Given ADA’s current restructuring process, this would be considered “unusual extreme optimism.” However, in a wider context, the coin has increased by over 3,000 percent in the last year.
According to the analyst, the seventh-largest coin was on the verge of another upswing, with the alt potentially ‘skyrocketing to another 500 percent incline’ from its current price of $1.73. He continued, saying:
“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.