Cardano (ADA) Surges By 25% Amidst The Broad Market Recovery

The whole crypto market looks to be recovering following the latest price crashes. Check out how’s Cardano doing these days.

At the moment of writing this article, ADA is trading in the green just like the most important digital assets out there.

Now, ADA is priced at $0.64.

The important online publication CoinDesk notes that Bitcoin regained the $31,000 level in U.S. hours on Monday after nine weeks of losses.

This important move came amidst a relief rally in Asian markets. This also happened amidst technical data suggesting the asset may have bottomed out between the $29,000 to $30,000 range.

The same online publication notes that the fundamental catalysts include a rise in the issuance of native assets on the network – over five million assets have now been minted on Cardano, according to the latest data.

This is also happening ahead of the upcoming Vasil hardfork, a network upgrade expected in June that would increase scaling capabilities.

According to the popular crypto analyst Benjamin Cowen, there are new targets for Cardano (ADA) should the bear market for digital assets intensify.

In a new strategy session, Cowen explained to his subscribers that he’s looking at Cardano against Bitcoin (ADA/BTC) and says the pair is in the midst of a strong downtrend.

He also said that Cardano (ADA) will lose more than half of its value if the ADA/BTC pair revisits its 2018 bear market low of 0.0000085 BTC or $0.25.

He said:

“Look we’re in a bear market. We know that altcoins get absolutely wrecked in a bear market. We know that the Bitcoin valuation of these altcoins get wrecked in a bear market, and they can also get wrecked in a bull market.”

He also stated the following:

“If we go down to the bottom of the valuations that Bitcoin hit in the bear market in the ADA/BTC valuation, you’d be looking at another 55% drop in the valuation of ADA.”