The widely acclaimed crypto analyst and trader Benjamin Cowen weighs what might happen to Cardano’s (ADA) Bull Run.
In a new strategy session, Cowen says that Cardano’s near future depends heavily on a simple metric with Bitcoin. According to the crypto strategist, as long as Bitcoin stays above its 20-week moving average – currently around $ 42,500 – ADA has more leeway.
“Is ADA likely to reach $ 3.00? The answer to this question is likely only if Bitcoin stays above the 20 week [moving average], it’s because of this answer. If Bitcoin is able to do for just … Ultimately, I see ADA trending way higher than $ 3.00 on this market cycle, but we have to take it one milestone at a time …
Recall, [Bitcoin] doesn’t even have to hang around on these levels for long. As long as it doesn’t get parabolic and as long as it doesn’t fall below the 20-week moving average, there is a high probability that ADA will exceed the $ 3 milestone relatively soon. “
The analyst says that despite ADA’s parabolic run over the past few weeks, a retreat is not necessarily required before the rally resumes. According to Cowen, $ 3.00 and $ 4.00 are still possible in the coming days or weeks, even if Bitcoin and the rest of the crypto markets are stagnating. However, he admits that Bitcoin would likely need to give ADA a boost by hitting new highs for Cardano to exceed its two price targets.
“Does it have to withdraw now? Damn no it doesn’t. $ 3.00, I think $ 3.00 is certainly possible as long as Bitcoin holds these levels. Even $ 4.00 is possible in my opinion as long as Bitcoin holds these levels. To go much further, I believe Bitcoin should likely have to hit all-time highs, but at this point I think an ADA of $ 3.00 is possible, even an ADA of $ 4.00 is possible at this rate, in particular if our claim is that it can stay strong for the next two and a half weeks. “
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