Is Cardano Ready to Rally? Analyst Benjamin Cowen Updates Outlook on Sixth-Largest Crypto Asset
After facing a significant price pullback since September, Cardano (ADA) is finally demonstrating “signs of life,” according to crypto analyst Benjamin Cowen.
Cowen tells his 638,000 YouTube subscribers that its critical ADA breaks back above what he calls the “bull market support band,” which is a combination of the 20-week simple moving average (SMA) and the 21-week exponential moving average (EMA).
“The work we have to do is first we need to get back above the bull market support band, and if you look, it’s all the way up at $1.94-$2.05…
It’s like there’s a pulse. There’s a pulse. It’s doing something, but we’ve still got a long way to go, my friends.”
The analyst says he’s envisioning that ADA will break back to the upside sometime between now and late March.
Cardano is seeing a significant increase in users and transactions after it deployed smart contract capability in September, according to a recent blog post from Input Output Hong Kong (IOHK), the technology company responsible for building the project.
ADA is trading at $1.69 at time of writing after surging nearly 9% in the past 24 hours. However, the sixth-ranked crypto asset by market cap is still down more than 45% from its all-time high of $3.09, which it hit on September 2nd.
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Author: Daily Hodl Staff