Crypto analyst Benjamin Cowen thinks Cardano (ADA) is still one of the top racehorses of this market cycle, despite the sector-wide downturn in the markets this past week.
In a new strategy session, Cowen tells his 467,000 YouTube subscribers that ADA is one of the few coins that has held up in the midst of the continued correction in the crypto markets.
“If you look at the chart, ADA made a move to the $1.20 mark around late February, and since then, it’s more or less stayed the same, with this brief move back up to the upside. But the story will tell that… ADA basically has just moved sideways. So with that said, what does that mean? Well, it means that ADA has actually outperformed many altcoins.”
ADA reached a high of $2.45 on May 16th but has since lost nearly 50% of its value. It went to as low as $1.00 yesterday before climbing all the way up to $1.27. It’s up 5.50% in the last 24 hours, according to CoinGecko.
Despite the massive losses, Cowen says ADA has exhibited resilience.
“You may say, ‘Ben, well it’s 50% [down], is that really that great?’ Given the circumstances, it is. Bitcoin is down 50%… Given that ADA is continuing to perform relatively well given the market conditions, I think that it just further provides evidence that it is one of the main racehorses of the market cycle.”
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