Categories: Blockchain

ADA will continue to accumulate despite market strength, says KOL Benjamin Cowen

Renowned analyst Benjamin Cowen predicts that Cardano (ADA) will continue to accumulate before heading towards a new all-time high.

In one Video Recently, Cowen noted that Cardano has been up nearly 11,000% since its March 2020 low and may need some time to cool off before doing any more rallies.

“This is a pretty big win for ADA, so I think it will need some consolidation for a while. Probably until the Cardano ecosystem really goes live. Can ADA break strong resistance at $ 2.50? Sure, I suppose it could still generate new ATH levels, but not now. Maybe a month or so. “

Weekly ADA / USDT Chart | Source: Benjamin Cowen

Cowen is also looking at a bearish fall for ADA to fall below the “bull market support band,” which is a combination of the 20-week SMA and the 21-week EMA, which is currently around $ 1.90. If so, Cowen says ADA will fall to the 50-week EMA at $ 1.5 and enter a longer period of accumulation, possibly by the end of March next year.

You can see the ADA prices here.

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Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

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Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.