Prominent analyst Benjamin Cowen says the smart contract implementation on Cardano could push the price of the sixth largest cryptocurrency to a new all-time high.

In one Video The crypto analyst now explains how ADA will likely follow Ethereum (ETH) and become the heart of applications.

“A lot of ETH is used on different platforms: NFT and DeFi. There are so many apps and dApps people are using right now and that has contributed to the high market cap it has today.

Cardano doesn’t really have that yet, but with the smart contract that has just been introduced, it is clear that we can assume it will grow. I think Cardano will grow over time and as more utilities are built on the platform this will have a positive impact on the price. “

Regarding Cardano’s mid-term target price, Cowen looked at the ADA / ETH pair to calculate it.

“For ADA to reach a new all-time high for the ETH pair, it has to recover by 68% or more. With a 68% increase in the ADA / ETH pair and the ETH price unchanged, ADA / USD can rise to $ 4.50. Will ADA rise to $ 4.50 this month or next? Probably not, but I think it will eventually make it. “

Weekly ADA / ETH price table | Source: Tradingview

Weekly ADA / USD Price Chart | Source: Tradingview

According to Cowen, ADA could fall back and accumulate within the support band formed by the 20-week EMA and SMA, as it did in September-November 2020.

You can see the ADA prices here.

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Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

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