Renowned analyst Benjamin Cowen reveals what he believes is possible for Cardano (ADA) in the near future.
In one Video fresh says Cowen ADA could slow down around the 20-week SMA before another outbreak occurs.
“A more realistic approach for ADA, but still bullish in my opinion, just a slight retreat from here. And at best, ADA holds above the 20 week SMA and then a new bullish move. What it did before. ”
Weekly ADA / USDT Chart | Source: Benjamin Cowen
Weekly ADA / BTC Chart | Source: Benjamin Cowen
Cowen is also pondering the impact of Bitcoin’s near-term decline, dragging altcoins like ADA with it.
“Another scenario is if Bitcoin experiences a shake, say, a fall to a higher low at $ 38,000 or the 20-week SMA at $ 41,000, then ADA could fall back below the 20-week SMA and then accumulate and that continues to explode. ”
Cowen said slow ADA growth was better than sporadic parabolic movements. According to the analyst, ADA has the fundamental power to sustainably and consistently reach new all-time highs.
“Look at what ADA has done over the years. Well, it’s had a pretty good year and a half. Recently the platform just rolled out smart contracts and will soon be running thousands of dApps on them. Cadarno will build the ecosystem slowly and then grow more slowly. That would be better, in my opinion, than going up too fast. I think slow and steady is always better because it’s more sustainable in the long run. ”
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According to Dailyhodl