Cardano (ADA) Is Approaching “Decision Time”, Says Analyst Benjamin Cowen | CryptoGazette
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The crypto analyst Benjamin Cowen is analyzing an upcoming decision time for Ethereum challenger Cardano (ADA). In a new video update, Cowen said that ADA could be mirroring the leading altcoin Ethereum’s market structure from 2016-2017 when it dipped to new lows in late 2016 before it was able to explode more than 100 times in 2017.
It’s been also revealed that as Cowen notes, ADA recently retouched its bull market support band. This is a market indicator derived from the 20-week simple moving average (SMA) and the 21-week exponential moving average (EMA).
Cardano is trading at $1.07 at the time of writing.
As the online publication the Daily Hodl notes, if Cardano is going to emulate Ethereum‘s 2016/2017 move upwards, ADA needs to move back up to the top of its current range near $2.60 within the next two months or so, explains Cowen.
“What we’re looking for, again with the idea that this is decision time, the point is, Ethereum had the same market structure [in 2016/2017], where it was just sort of ping-ponging all over the place, and ultimately we came back up to the bull market support band approximately one year later after getting up to this range…”
He continued and said the following:
“[ETH] consolidated around it for about a month to a month and a half, and then we broke out. ADA’s looking very similar.”
ETH competitors expect bullish moves
More Ethereum competitors are being surrounded by optimistic predictions these days.
A popular crypto strategist is predicting price surges for Ethereum (ETH) rivals Avalanche (AVAX) and Near (NEAR) as the markets continue to rise more and more.
Pseudonymous analyst Cantering Clark has recently said that he sees smart contract platform Avalanche making a big move after breaking its immediate resistance at $84.
Stay tuned for more news and make sure to keep your eyes on the crypto market.
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