One of the well-known analysts and traders of the crypto world. Benjamin Cowen, Ethereum competitor cardanoof (ISLAND) has updated his previously shared views, as it remains in bearish outlook.
The smart contract platform in the new video he shared on his YouTube channel Cardano (ADA) Talking about it, the analyst stated that ADA has entered a wide trading range and is expected to start rising again in the next four months.
“At least, I believe we will see ADA break to the upside in the period from mid-November to the end of March.”
Cowen, Cardano’s 20-week simple moving average (SMA) and the 21-week exponential moving average (EMA), which is below the ‘bull market support band’. The analyst also explained that he associated the reason for this decline with the fall of Bitcoin.
Cowen, who also examined the ADA / BTC parity, bitcoinHe hinted that ‘s would perform better against Cardano. However, he added that there is a catalyst to end this trend, adding:
“The only development that will stop what caused this situation to happen is cardano This will be the period when we will start to see the ecosystem really flourish. Seeing smart contracts take off and starting to see people using the ecosystem may move us to a more ‘optimistic’ point in the short term”.
Cowen stated that the ‘uneventful sideways movement’ that ADA is currently following is quite usual and noted that Ethereum has followed these movements before. As it will be remembered, ETH gained an explosive upward force shortly after getting rid of these horizontal movements.
“ADA has been sideways for almost 38 weeks. This is not something new in crypto markets. If you don’t believe me, you can check out Ethereum. You can easily see the last market cycle of ETH.”
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