Is Cardano Finally Ready To Blast Through $3. Analyst Benjamin Cowen Looks at State of ADA.
30 Aug 2021, 08:00
Is Cardano Finally Ready To Blast Through $3.00? Analyst Benjamin Cowen Looks at State of ADA
Widely followed crypto analyst and trader Benjamin Cowen is weighing in on what could lie ahead for Cardano’s (ADA) bull run.
In a new strategy session, Cowen says Cardano’s near future relies heavily on one simple metric involving Bitcoin. According to the crypto strategist, as long as Bitcoin stays above its 20-week moving average – currently around $42,500 – ADA has more room to run.
“Is ADA likely to hit $3.00? The answer to that question likely is just if Bitcoin stays above the 20-week [moving average], it lies with that answer. If Bitcoin is able to stay above the 20-week for just… a day or two, definitely the next few weeks it seems very likely that ADA is going to blast through the $3.00 milestone. I ultimately do see ADA trending much higher than $3.00 this market cycle but we do have to take it one milestone at a time…
Remember, [Bitcoin] doesn’t even have to hang out at these levels for very long. As long as it just doesn’t go parabolic and as long as it doesn’t go back down below the 20-week moving average, there is a high probability that ADA will cross the $3 milestone relatively soon.”