Benjamin Cowen, a popular crypto strategist and trader, has predicted when Cardano (ADA), the fifth-largest cryptocurrency by market capitalization, should be expected to hit new all-time highs.
In a new strategic session first reported by Daily Hodl, Cowen noted that Cardano (ADA) has already pulled off a relatively 11,000% gain since the low recorded in March 2020. He stated that the digital token needs time to cool off before it could start printing more notable rallies.
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).
According to the trader, 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.
Benjamin Cowen noted:
“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.”
“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.”