Crypto analyst Benjamin Cowen thinks Cardano (ADA) remains to be one of many high racehorses of this market cycle, regardless of the sector-wide downturn within the markets this previous week.
In a brand new technique session, Cowen tells his 467,000 YouTube subscribers that ADA is likely one of the few cash that has held up within the midst of the continued correction within the crypto markets.
“If you happen to take a look at the chart, ADA made a transfer to the $1.20 mark round late February, and since then, it’s roughly stayed the identical, with this transient transfer again as much as the upside. However the story will inform that… ADA mainly has simply moved sideways. So with that mentioned, what does that imply? Properly, it signifies that ADA has really outperformed many altcoins.”
ADA reached a excessive of $2.45 on Might 16th however has since misplaced almost 50% of its worth. It went to as little as $1.00 yesterday earlier than climbing all the way in which as much as $1.27. It’s up 5.50% within the final 24 hours, in line with CoinGecko.
Regardless of the huge losses, Cowen says ADA has exhibited resilience.
“Chances are you’ll say, ‘Ben, effectively it’s 50% [down], is that basically that nice?’ Given the circumstances, it’s. Bitcoin is down 50%… On condition that ADA is continuous to carry out comparatively effectively given the market situations, I feel that it simply additional offers proof that it is likely one of the fundamental racehorses of the market cycle.”
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