Tuesday, October 19, 2021

Benjamin Cowen: Cardano (ADA) Could Exhibit the Same Trend of November 2020 to Breakout

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.

Read Also: Top Analyst Says Cardano (ADA) Has Bottomed Out and Ready for New Significant Uptrend

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.”

Read Also: Coin Bureau Host: Cardano To Trigger Largest Explosion in Crypto innovation Since Ethereum Launch in 2015

 “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.”


Follow us on Twitter, Facebook, Telegram, and Download Our Android App

Solomon Odunayo
Solomon Odunayo is a cryptocurrency journalist with over 3 years of experience in the crypto industry. He's sternly interested in covering developments of emerging and established blockchain projects.

Related Articles

Latest Articles