After a massive decline since September, Cardano (ADA) is finally showing “signs of life”, according to analyst Benjamin Cowen.
Cowen emphasizes that ADA has an important step to take that exceeds the “bull market support band” – a combination of the 20-week simple moving average and the exponential moving average. 21 weeks.
“The first thing ADA has to do is get back above the bull market support band and it’s at $ 1.94 to $ 2.05 …
It’s like having a surefire beat. It does something, but there is still a long way to go. ”
The analyst expects ADA to return to bullish momentum by the end of March.
After implementing smart contract functions in September, Cardano has seen a significant increase in the number of users and transactions since Bitcoin magazine reported.
ADA is trading at $ 1.52 at press time, and is more than 50% below its all-time high of $ 3.1 on September 2.
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