A preferred crypto analyst says it’s “decision time” for Ethereum (ETH) challenger and good contract platform Cardano (ADA).
In a brand new video replace, Cowen tells his 723,000 YouTube subscribers that ADA may at present be mirroring main altcoin Ethereum’s market construction from 2016/2017 when it briefly dipped to new lows in late 2016 earlier than exploding greater than 100x increased in 2017.
As Cowen notes, ADA just lately retouched its bull market help band, a market indicator derived from the 20-week easy shifting common (SMA) and the 21-week exponential shifting common (EMA). The band is at present hovering round $1.20.
Cardano is buying and selling at $1.20 at time of writing, the identical price it was buying and selling one week in the past. However, the ninth-ranked crypto asset by market cap is up virtually 43% up to now month.
If Cardano goes to emulate Ethereum‘s 2016/2017 transfer upwards, ADA wants to transfer again up to the highest of its present vary close to $2.60 throughout the subsequent two months or so, explains Cowen.
“What we’re wanting for, once more with the concept that is choice time, the purpose is, Ethereum had the identical market construction [in 2016/2017], the place it was simply kind of ping-ponging all over, and finally we got here again up to the bull market help band roughly one yr later after getting up to this vary…
[ETH] consolidated round it for a few month to a month and a half, after which we broke out. ADA’s wanting very related.”
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