A closely-followed crypto analyst and investor is keeping a close watch on Cardano and four red-hot crypto assets that he says are jostling to move to greater heights.
In a new strategy session, Benjamin Cowen tells his 392,000 Youtube subscribers that Cardano (ADA/USD) can potentially double its value after the fourth-largest crypto asset ignited a massive breakout against Bitcoin (ADA/BTC).
“The highest valuation that ADA has ever been against Bitcoin is over here (0.00008 in 2018). If we take a measured move from the current prices to that level, it’s another 105%… With the idea that ADA can go up 105% in terms of reaching its global top against Bitcoin for an invariant Bitcoin, where would that put ADA/USD? It would actually put it at a modest, at a very, very humble $4.35… We’re not saying it’s going to go there by any means… We’re just saying, ‘Hey, it’s done it before.’ And arguably, ADA has got a lot more going for it today than it did back in 2017, 2018.”
Looking at Ethereum, Cowen says ETH is in the midst of a raging tsunami that can surge as far as $6,000 before it shows signs of subsiding.
“We have $2,000. We blasted past that. We have $3,000. We quite easily conquered that one. We have $4,000. We’re currently battling on and off with that one. Obviously, there’s $5,000 and $6,000 and so on and so forth… The understanding that I tried to tell you guys was not if it’s coming. It’s just a matter of how far inland are we going to go before we come back and recede at some point.”
As for Chainlink (LINK), the crypto analyst highlights that the decentralized oracle platform is trading in a long-term ascending channel that dates all the way back to 2019.
“I love LINK. It just moves up. Over the macro scale, it tends to move up. Yes, it goes down sometimes. Who really cares? That’s just the game. It generally goes up and that’s what’s important. Don’t lose sight of the fact that Chainlink generally moves up.”
Another coin on Cowen’s radar is Ethereum competitor Polkadot (DOT). The trader highlights that DOT just keeps grinding higher and is now poised to take out a crucial resistance.
“The DOT train basically being just a continued hold of the 20-day SMA (simple moving average). We’ve been off the rails for a while. Hopefully we get back on course. We’ve come up to this level. This will be our third time, more or less, coming to the $50 mark. Let’s see if we can break it. If we break it, I’m guessing it moves relatively quickly.”
The last coin on Cowen’s radar is smart contract platform Avalanche (AVAX). According to the crypto strategist, AVAX must take out resistance of $37.50 before it can ignite the next phase of its bull cycle.
“Avalanche is again on the cusp of price discovery mode, kind of like DOT. They’re all sort of converging.”