A widely followed crypto analyst says Cardano (ADA) is likely to surge leading up to the smart contract platform’s upcoming Vasil hard fork upgrade.
“If you were to see ADA pump to around $0.52 to $0.60, I think that would be a fairly major milestone for ADA to get to, or to get past it. Especially as the bear market for Bitcoin sort of just drags on and the dollar continues to move higher.”
The analyst says he’s keeping a close eye on the ADA/ETH valuation before getting overly optimistic about Cardano.
“If I’m going to be buying an altcoin like ADA, I need it to feel like it’s got a high chance of outperforming Bitcoin at the very least, but also, Ethereum.
If it’s in the bottom of these [ADA/ETH] ranges, then I’m a little more optimistic that it could actually outperform them.”
Cowen also notes that Ethereum’s highly anticipated transition to a proof-of-stake consensus mechanism could also be a bullish event for the price of ADA.
“The one thing that might pull [ADA] up, though, is also the ETH merge. There is some hype around that. That might help pull [ADA] up to [the $0.60] level, but just keep an eye on that $0.50-$0.60 range as potential resistance for ADA, just like it was at two times that valuation earlier this year.”
ADA is changing hands for $0.492 at time of writing, a 2.2% decrease during the last 24 hours.
IDon't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
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/Tithi Luadthong