Closely followed analyst and trader Benjamin Cowen is predicting a realistic timeframe for when Cardano (ADA) can hit new all-time highs.
In a new strategy session, Cowen notes that Cardano has already pulled off nearly an 11,000% gain since the low of March 2020, and may need time to cool off before making any more rallies.
[adinserter block="1"]“It’s a pretty big gain by ADA, so I think it makes sense to consolidate for a while and wait until the ecosystem is actually being utilized. Until then, until that actually happens, I would speculate we’re more or less going to be in some consolidation phase. Could we get a breakout back to $2.50 or $2.25? Sure, I think that can always happen, but I’m not speculating dubiously myself on a new all-time high at least for another month or so… And it could be longer than that.”
Cowen considers a more bearish case where ADA falls through 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). Should Cardano collapse below the bull market support band, currently around $1.90, Cowen says that ADA would probably just enter a longer accumulation phase before going higher.
“Hopefully it breaks out to the upside if Bitcoin stays relatively bullish. So that would be the ideal case. Even if we do not hold the bull market support band, I still think it’s fine. I just think we would be in a long reaccumulation, and hopefully, we would still break out to the upside.”
I
Follow us on X, Facebook and TelegramDon't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Surf The Daily Hodl Mix
[adinserter block="1"]
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any assets including cryptocurrencies, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Volodimir Zozulinskyi
