Since the majority of altcoins are experiencing a bullish rally, the cryptocurrency market is said to be in “Altseason.” Several large-cap tokens hit multi-year highs, but Bitcoin’s price has been struggling to maintain its value. The recent surge in altcoins has caused Bitcoin’s market share to dwindle in recent weeks.
A well-known crypto analyst is keeping a close eye on Cardano price and four other hot crypto properties, which he claims are vying for greater prominence.
Cardano (ADA) Price
According to Benjamin Cowen, Cardano (ADA/USD) can potentially double its value after the fourth-largest crypto-asset ignited a massive breakout against Bitcoin (ADA/BTC).
He went on to explain that this is the highest value ADA has ever had in comparison to Bitcoin (0.00008 in 2018). It will be up another 105% if we take a calculated step from current prices to that level.
Where will ADA/USD be if ADA could go up 105% in terms of hitting its global top against Bitcoin for an invariant Bitcoin? That will bring it at $4.35, which is a decent price. By no way are we predicting that it will go there?
‘Hey, it’s done it before,’ we’re just saying. And, in several ways, ADA today has a lot more going for it than it did in 2017.”
Ethereum (ETH) Price
When it comes to Ethereum, Cowen believes the currency is in the midst of a raging earthquake that could push it as far as $6,000 before 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.”
The crypto analyst points out that Chainlink (LINK), a decentralized oracle network, is trading in a long-term ascending channel that dates back to 2019.
He says that he loves LINK. It just keeps on moving up. Over the macro scale, it tends to move up. He also mentions that it goes down sometimes. Who really cares? That’s just the game. It generally goes up and that’s what’s important. He tells his followers that not to lose sight of the fact that Chainlink generally moves up.
Polkadot (DOT) Price
Polkadot, an Ethereum rival, is another coin on Cowen’s radar (DOT). The trader points out that DOT has been steadily rising and is now poised to break through a key resistance level.
The DOT train is essentially a continuation of the SMA’s 20-day hold” (simple moving average). We’ve been off the tracks for quite some time now. Hopefully, we’ll be able to get back on track. We’ve reached this stage. This will be our third or fourth time approaching the $50 mark. Let’s see if we can make it work. He is guessing it travels fairly easily if we crack it.
Avalanche, a smart contract network, is the last coin on Cowen’s radar (AVAX). Before it can enter the next step of its bull cycle, AVAX must overcome resistance at $37.50, according to the crypto strategist.
“Avalanche is again on the cusp of price discovery mode, kind of like DOT. They’re all sort of converging.”