Benjamin Cowen, a popular crypto analyst and trader, is mapping a potential path for Cardano (ADA), the 4th largest cryptocurrency by market cap, to break out towards new price highs.
In a new strategic video first published by Daily Hodl, Cowen told his teeming YouTube subscribers that he looks forward to seeing a sideways trend in the market after Cardano (ADA) made a notable rise from its 2020 low of just $0.02 to its current price.
As to when the next breakout will start, Cowen said he expects Cardano (ADA) to make its move sometime between mid-November and mid-March.
Before Cardano (ADA) can print another rally, Cowen stresses that Bitcoin (BTC) needs to keep holding the line on the 20-week moving average.
Following the same trend of November 2020, Cowen speculates that November could be the month that Cardano breaks out.
Benjamin Cowen noted:
“This is sort of what we speculated was going to happen with ADA after a crazy move up. And the idea that the cycle is gonna take even longer, [it] makes sense to get a long consolidation phase. You don’t go from $0.02 to $2.00 and then continue higher, usually, without proving to the market that $2.00 can be held.”
“When I think about how long could this long re-accumulation phase last, if I had to dubiously speculate, I would say the move to a new paradigm shift in what it means to hold 1 ADA would probably start somewhere in this region. Somewhere between mid-November until mid-March.”
“If you go look at what happened last year, ADA broke out from the bull market support band in mid-to-late November… So we may dubiously speculate, the best-case scenario, if Bitcoin does continue to rally after holding the 20-week moving average, then maybe mid-November is the time, the earliest we could see a rally take place.”