A popular crypto analyst and trader claims that Cardano (ADA) is expected to rally after the upcoming Vasil hard fork upgrade is completed.
Analyst Benjamin Cowen informed his 767,000 followers on YouTube that ADA could reach $0.60, although Cardano (ADA), a smart contract platform, is currently struggling for a bullish run.
He further added that if Cardano (ADA) manages to push the price between $0.52 and $0.60, it will be a big milestone for ADA. This is because right now the world’s first cryptocurrency, Bitcoin, along with other cryptocurrencies are under bear control while the dollar is rising.
After such extremely bullish predictions for Cardano, Benjamin claims that he is watching ADA/ETH price action closely.
Furthermore, the strategist claims that if he is planning to buy any altcoin like ADA, he should understand that the altcoins purchased should outperform Bitcoin and Ethereum. He also cited that if ADA/ETH is below the said range, he would be more positive that the altcoin will outperform the first two cryptocurrencies.
Furthermore, Cowen believes that the upcoming merger of Ethereum, which replaces the current Proof-of-Work (PoW) with Proof-of-Stake (PoS), will also be a positive event for ADA price action. .
He says that the ETH merger could push ADA towards $0.60, so it is important to watch ADA price near the $0.50 and $0.60 area which will act as an important resistance range.
At the time of reporting, Cardano is trading at $0.509 after an increase of 3.29% over the past 24 hours.