Tech News, Magazine & Review WordPress Theme 2017
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Your Guest Blog
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Blog
    • Press release
    • Sponsored post
  • Email Alerts
  • DAILY HODL MIX
No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Your Guest Blog
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Blog
    • Press release
    • Sponsored post
  • Email Alerts
  • DAILY HODL MIX
No Result
View All Result
The Daily Hodl
No Result
View All Result

Cardano Is Racehorse of This Cycle, Says Crypto Trader Benjamin Cowen – Here’s Why

by Daily Hodl Staff
May 23, 2021
in Altcoins, Trading

Closely-followed trader Benjamin Cowen believes that Cardano’s native asset ADA is one of the fastest racehorses in the current boom cycle.

In a new video, Cowen tells his 423,000 YouTube subscribers that ADA is significantly outperforming most large-cap crypto assets including Bitcoin (BTC) and Ethereum (ETH) since the coronavirus-induced panic last year.

“It is the normalized ROI (return on investment) of ADA and a lot of other cryptocurrencies from March 13th, 2020. Now, arguably this punishes the ones that didn’t crash as hard but it also highlights the ones that have given a higher ROI since the crash on the daily timeframe… You can see that ADA has spent a decent amount of its time in the lead. It’s a racehorse. It’s one of the racehorses that we have for this cycle. 

It was in first place here (July 2020) out of the coins that we’ve been tracking. It was first place here (February 2021) for a while… During this dump, VeChain (VET) dumped a lot harder than ADA has so far and ADA has therefore reclaimed the lead.”  

Source: Benjamin Cowen/YouTube

Cowen is also closely watching Cardano’s recent performance amid the marketwide correction. The trader highlights that ADA must stay above key levels to keep its long-term uptrend intact.

“ADA would have to actually drop another 30% or so to get back to the 20-week SMA (simple moving average). Now if you’re curious, the 20-week SMA now corresponds to $1.08 and the 21-week EMA (exponential moving average) corresponds to $1.12. So that would be the bull market support band.”

At time of writing, ADA is trading at $1.32, according to CoinMarketCap.

Looking at Cardano against Bitcoin (ADA/BTC), Cowen says ADA is showing signs of strength as the rest of the altcoin market succumbs to the sell-off.

“ADA is actually one of the few coins that’s holding up relatively well against Bitcoin. Many coins have bled significantly against ADA. ADA has not. It has come down some. You can see that it’s currently down around 22% against Bitcoin. There are many coins that would love it if they were only 22% [down] against Bitcoin.” 

While the trader remains bullish on Cardano, he says the short to mid-term trajectory of the fourth-largest cryptocurrency largely depends on whether Bitcoin can crawl out of the downtrend or not.

“I am going to be skeptical that ADA can put in a new all-time high until Bitcoin figures out what it’s doing. Because with this type of instability in the market with Bitcoin, it is going to make it very challenging for enough confidence to resume for Cardano in the short term for it to put in decisively a new all-time high and go to like $2.50.” 

I

Check Price Action

Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

 
Check Latest News Headlines


 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/KDdesignphoto

Submit a Press Release

Industry Announcements

  • DeFiChain Forms Technical Committee To Further Decentralize the Consensus Code Governance
    May 23, 2022
  • LongHash Ventures Partners With Protocol Labs To Launch the Third LongHashX Accelerator Filecoin Cohort
    May 23, 2022
  • Swappi’s New Launchpad Feature To Bring IDOs to Conflux
    May 20, 2022
  • First Global Web 3.0 Eco Innovation Summit Comes to Singapore
    May 20, 2022
  • Wombat Soars to $40 Million in Total Value Locked While Still at Beta
    May 20, 2022
  • Babel Finance Used Collateralized eNote on FQX’s Solana DApp via Fireblocks
    May 19, 2022
  • Top Solana Play-to-Earn Contender DeFi Land Launches Its First Play-and-Earn Game
    May 18, 2022
Submit a Guest Post
ADVERTISEMENT
Bitcoin
$29,091.00
$29,091.00
4.38%
Ethereum
$1,971.25
$1,971.25
3.69%
Cardano
$0.512235
$0.512235
5.93%
XRP
$0.405617
$0.405617
4.39%
Dogecoin
$0.083362
$0.083362
4.05%

Spotlight

  • Banking Giants Barclays and Goldman Sachs Back $500,000,000 Crypto Tech Firm
    May 17, 2022
  • Crypto Analyst Warns Six Factors Will Drive Bitcoin (BTC) Prices Lower in the Coming Days
    May 20, 2022
  • Two Ethereum Challengers Gearing Up for Rallies As Crypto Looks Turbo Bullish: Top Analyst
    May 23, 2022
  • Ripple Signs New Partnership With International Money Transfer Firm To Use XRP for Cross Border Payments
    May 18, 2022

Cryptocurrency news and analysis, covering Bitcoin, Ethereum, Ripple, XRP, altcoins and blockchain technology

Categories

Bitcoin • Ethereum • Trading •
Ripple and XRP • Altcoins •
Blockchain • Regulators •
Scams • Crypto101 • HodlX •
Futuremash •
Industry Announcements

ABOUT US | EDITORIAL POLICY | PRIVACY POLICY
TERMS AND CONDITIONS | CONTACT

JOIN US ON TELEGRAM

JOIN US ON TWITTER

JOIN US ON FACEBOOK

COPYRIGHT © 2017-2022 THE DAILY HODL

No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Your Guest Blog
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Blog
    • Press release
    • Sponsored post
  • Email Alerts
  • DAILY HODL MIX

© 2022 The Daily Hodl