The Cardano Price has risen to a new all-time high of $1.7779 following reports that its creator, Charles Hoskinson, had dinner with Wyoming Governor Matt Mead.
ADA price actions are discussed by crypto analyst Benjamin Cowen. The Analyst addresses the future of the seventh-largest cryptocurrency in an interview with Altcoin Daily hosts Aaron and Austin Arnold.
According to Cowen during a bull run everyone expects an altcoins USD value to soar but it is equally important for the asset to outperform the king coin Bitcoin. He stresses that if the asset cannot outperform bitcoin then there is no point in holding on to it and ADA has successfully outperformed Bitcoin in a bull market.
ADA also outperformed Bitcoin (BTC) in a comparison, rising 16% against the most common cryptocurrency. When measured in Bitcoin, ADA is still well below its all-time peak.
Even though ADA may be suffering a consolidation phase presently it cannot be ignored that it is already up over 3,000% in the last 12 months, Cowen justifies that the smart contract platform may increase by over 500% from its price of $1.64 within the current market trend going on.
Cardano (ADA) Price Forecast
As for the ethereum competitor ADA, he assumes this is still a long-term investment. Buying ADA at $1.37 now carries a far higher risk than buying it at $0.02… Still, in the grand scheme of things, he thinks ADA has a long way to go. According to his predictions he says that ADA will reach somewhere between like $5 to $10.
While Cowen expects ADA to continue to rise against the US dollar, particularly once the current Ethereum rally loses momentum, the trader cautions that there may be some very steep and harsh pullbacks along the way.
He further says that,
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.”