Benjamin Cowen, a crypto analyst and trader, has discussed the possible trend of Cardano (ADA), the third-largest cryptocurrency by market capitalization.
According to the popular analyst in a new video session shared with his teeming YouTube subscribers, Cardano (ADA)’s bullish sentiment continues to build as expected, considering its recently recorded price all-time highs. However, he’s seeing a threat that could thwart the bullish setup.
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The crypto analyst pointed out that the next explosion for Cardano (ADA) rests on the ability of Bitcoin (BTC) to stay above a key level. Howbeit, he acknowledged the potential of the upcoming implementation of smart contracts functionality on the Cardano network.
Benjamin Cowen noted:
“For now, I think a lot of the hype is two things. Number one is smart contracts launching in a few weeks. That’s number one. I think there’s a lot of hype building into that. Number two, Bitcoin’s above the 20-week [simple moving average] and going sideways. So the path of least resistance for ADA is to go up…
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“The only thing now that you should be rooting for if you want to see ADA break through to say the $3 mark, the $4 mark, what do you want to see happen? What you want to see happen is you want to see Bitcoin just kind of hang out. Just have Bitcoin chill above the 20-week [simple moving average]. If we get it, then the path of least resistance for ADA is up…
“To understand what ADA’s doing, you need to go look at what Bitcoin’s doing. To get a better understanding of what Bitcoin’s doing, you need to go look at the US dollar. And the only reason, the only reason to be a little bit cautious, I would say, would be because the dollar is trying to break out…
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“If you want to see crypto move up, what you would like to see happen is you would like to see the dollar get rejected back down. So if the dollar gets rejected back down, then you’re going to see people continue to speculate on crypto…”
Meanwhile, Cardano (ADA) has managed to record a new all-time high of $2.64, according to CoinGecko. However, the cryptocurrency has since dropped below $2.60. At the time of filing this report, ADA is trading at $2.54, with a relatively 4% price upsurge in the last 24 hours.
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