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The crypto market is predominantly red on Monday, following a late Sunday slump that has affected the broader market.
Bitcoin fell below $42,000 from a weekend high of $43,376 as per CoinMarketCap data. The flagship crypto was last spotted down 2.39% in the last 24 hrs., heading towards support at $41,400. Ethereum's native token has lost 3.91% in the same period and has lost support above $3,100. Cardano's ADA has dropped below the psychological $1.00 mark for the first time in two-and-half weeks.
Here are the recent projections around these crypto projects:
Top crypto analyst believes ADA's ‘decision time' could be here
In a recently published video, renowned crypto analyst Benjamin Cowen has predicted that ADA is emulating a pattern posted in the past by Ether, suggesting decision time for the Cardano-native token is fast approaching.
Cowen told his YouTube audience that Cardano's current market pattern could be a reflection of the ETH token back in 2016/2017, during which it established new lows before surging at least 100x higher back in 2017, starting in March that year.
The comparisons that Cowen makes are explained by the bull market support band, a market metric derived from the 21-week exponential moving average (EMA) and 20-week simple moving average (SMA). Before Ether jumped up to $1,400 in 2017, he notes that it had retained a constant price range, largely dwelling below the bull market support band for about a year. Following that lull period, ETH came back above the band.
Afterward, it consolidated for about one and a half months before breaking out. Cowen explained that as Cardano has mirrored this Ethereum pattern, it is now at the point suggesting its decision time for ADA investors soon. As such, he expects that ADA will, over the next few weeks, trade around $1.20 plus/ minus $0.20. However, to emulate the Ether pattern, in the long run, then the Cardano token would have to achieve $2.60 in the next two months, the crypto strategist noted.
To learn more about Cardano visit our Investing in Cardano guide.
‘Copper' Ethereum to flip ‘Digital Gold' Bitcoin in three years, predicts Galaxy Digital executive
In an interview posted on Friday by news outlet Kitco NEWS, Galaxy Digital Trading co-head Jason Urban has spoken about his expected performance of the top two crypto coins in the space and the adoption of cryptocurrencies.
The Galaxy Digital co-head suggested that education about crypto has played a part in the increased institutional demand for Ethereum. Urban told editor-in-chief of Kitco News Michelle Makori that as people become more familiar with the crypto scene, they begin to understand exactly what value crypto options offer and understand the potential of smart contracts in terms of functionality, such as building decentralized applications.
This is one of the reasons why ETH is seeing this huge surge in demand from institutional investors, he explained, following Goldman Sach's decision to offer investors exposure to ETH via Galaxy Digital last month.
In addition, the Drawbridge Lending CEO said that the coming transition from proof of work to proof of stake would bring benefits that are making Ether heavily lucrative. This includes scalability and ESG-compliance, potentially pushing more institutional cash to flush into Ethereum than Bitcoin, owing to the expected massively increased gap power consumption.
In the long run, Urban projected that Ethereum could potentially flip Bitcoin in market cap, but the soonest that would happen is in three years. In terms of the expected price changes, his outlook places Ether at $6,000 at the end of the year and BTC at $100,000. He added that the utility and traction growing in the space should push the two tokens towards the forecasted prices.
To learn more about Ethereum visit our Investing in Ethereum guide.
Sam is a financial content specialist with a keen interest in the blockchain space. He has worked with several firms and media outlets in the Finance and Cybersecurity fields.