Analyst Benjamin Quinn Sets Cardano’s Price Target (ADA) as Important Approaches to Upgrade Vasil
A widely followed crypto analyst says Cardano (ADA) is likely to rally ahead of Vasil Hard fork’s upcoming smart contract platform upgrade.
Cryptocurrency trader Benjamin Coen tells his 767,000 YouTube subscribers that while ADA is in a clear bear market, rival Ethereum (ETH) could soon jump to $0.60.
“If you were to see the ADA pumping into around $0.52 to $0.60, I think that would be a huge milestone for the ADA to get into or out of it. Especially since the bitcoin bear market kind of continues and the dollar continues to rise.”
The analyst says he is closely watching the ADA/ETH valuation before getting overly optimistic about Cardano.
“If I am going to buy an altcoin like ADA, I need to feel that it has a high chance of outperforming at least Bitcoin, but also Ethereum.
If at the bottom of this [ADA/ETH] ranges, I’m a little more optimistic that he can outperform them.”
Cowen also notes that the highly anticipated transition of Ethereum to the Proof of Stake consensus mechanism could also be a bullish event for ADA price.
“The only thing that might pull [ADA] Higher, though, is also an ETH merger. There is some hype around that. This may help pull out [ADA] reach to [the $0.60] level, but just keep an eye on the $0.50-$0.60 range as potential resistance to the ADA, just as it was at this valuation weakness earlier this year.”
ADA is changing hands at $0.492 at the time of writing, down 2.2% over the past 24 hours.
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Featured Image: Shutterstock / Tithi Luadthong