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