Cryptocurrency Benjamin Cowen, one of the world-renowned analysts, recently Cardano (ADA) shared an analysis of According to the analyst, Cardano (ADA) continues to hold potential for a new high. Here are the levels to watch out for.
Making a new post on his YouTube account with more than 561,000 followers, Cowen stated that he expects a sideways movement in the market after ADA climbed from $ 0.02 to $ 2.5, the lowest level of 2020. Let us remind you that Cardano was trading at $2.28 at the time of writing this article.
“This was the kind of thing we predicted would happen in ADA after such a crazy upswing. The idea that this cycle will take even longer makes sense to have a long consolidation phase. You can’t go from $0.02 to $2.00 and then continue higher without proving the market that $2.00 can be held.”
As for when the next breakout will begin, Cowan expects Cardano to move between mid-November and mid-March.
But before ADA starts another rally, Cowen emphasizes that Bitcoin (BTC) should continue to hold the line at the 20-week moving average. He thinks that November could be the month when Cardano broke out.
“If you look at what happened last year, ADA broke out of the bull market support band from mid to late November… So if it can maintain Bitcoin’s 20-week moving average, then maybe mid-November will be the time when we can see a rally at the earliest.”
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.