Benjamin Cowen, a popular cryptocurrency analyst and trader, is analyzing the possibility of Cardano (ADA) hitting $3 anytime soon.
It can be recalled that over the past few days, Cardano (ADA) has been the best performer among the top 5 cryptocurrencies. The digital currency is also the first to record a new all-time high since May.
In a new video first reported by Daily Hodl, Cowen stated that the performance of Cardano (ADA) in the future relies massively on the trend of Bitcoin (BTC) in the market.
According to the crypto strategist, Bitcoin (BTC) staying above its 20-week moving average, which is currently around $42,500, will give Cardano (ADA) more room to keep surging.
Cowen added that ADA might not experience any notable pullback before continuing the rally. He said $3 and $4 are still on the cards for the cryptocurrency in the coming days or weeks even if Bitcoin and other digital currencies fail to print positive trends.
Benjamin Cowen noted:
“Is ADA likely to hit $3.00? The answer to that question likely is just if Bitcoin stays above the 20-week [moving average], it lies with that answer. If Bitcoin is able to stay above the 20-week for just…
“A day or two, definitely the next few weeks it seems very likely that ADA is going to blast through the $3.00 milestone. I ultimately do see ADA trending much higher than $3.00 this market cycle but we do have to take it one milestone at a time…
“Remember, Bitcoin doesn’t even have to hang out at these levels for very long. As long as it just doesn’t go parabolic and as long as it doesn’t go back down below the 20-week moving average, there is a high probability that ADA will cross the $3 milestone relatively soon.
“Does it need to pull back now? Hell no, it doesn’t. $3.00, I think $3.00 is certainly possible as long as Bitcoin holds these levels. Even $4.00 is possible I think, as long as Bitcoin holds these levels.
“To go much further beyond that, I do believe that Bitcoin would need to probably put in all-time highs, but at this point, I think that a $3.00 ADA is possible, even a $4.00 ADA is possible at this rate, especially if our contention is that it can stay strong for the next two and half weeks.”