Will Cardano’s Rise Continue? Famous Analyst Evaluated the Future of ADA!

Crypto analyst Benjamin Cowen points out that a number of factors Cardano (ADA) says he can prevent it from starting a bull run right now.

In a new YouTube video, Cowen tells his 692,000 subscribers that Bitcoin (BTC) is the “number one” limiting factor that could keep the price of ADA from going higher.

The analyst explains that BTC is keeping the health of the market in check and as long as Bitcoin prices are in a bearish trend, it will be difficult for ADA to completely counter this trend.

The price of ADA surged from a low of $1.19 last week to as high as $1.61 at one point on Tuesday, after which the altcoin slumped to $1.43, losing some of its gains.

According to Cowen, the ADA’s “bull market support band” ranges from $1.64 to $1.81. The bull market support band is a technical indicator that is a combination of the 20-week simple moving average (SMA) and the 21-week exponential moving average (EMA). The analyst comments on the matter below:

“This level [1,81 dolar] You can think of it as a short-term resistance.”

Smart contracts platform Cardano is working on a number of projects for 2022. Input Output Hong Kong (IOHK) recently announced plans to scale the network this year, including the use of sidechains, which are separate blockchains connected to the main chain and allow asset transfers between them.

Charles Hoskinson, CEO of IOHK, recently outlined a series of developments that he claims will be completed this year, allowing Cardano to be on par with the technical aspects of other leading smart contract platforms.

Cowen warns investors to keep track of how successful these planned upgrades are.

“Is everything going smoothly? I would advise people to keep their expectations in check in the short term.

As with anything, it’s normal to have bumps along the way when something comes out.”

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.

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