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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