Widely followed crypto market analyst Benjamin Cowen is plotting a potential path for Cardano (ADA) to break out towards new highs.
In a new video, Cowen tells his 561,000 YouTube subscribers that he anticipated a sideways lull in the market after ADA made a run to $2.50 from its 2020 low of just $0.02.
“This is sort of what we sort of speculated was going to happen with ADA after a crazy move up. And the idea that the cycle is gonna take even longer, [it] makes sense to get a long consolidation phase. You don’t go from $0.02 to $2.00 and then continue higher, usually, without proving to the market that $2.00 can be held.”
As to when the next breakout will start, Cowan expects Cardano to make its move sometime between mid-November and mid-March.
“When I think about how long could this long re-accumulation phase last, if I had to dubiously speculate, I would say the move to a new paradigm shift in what it means to hold 1 ADA would probably start somewhere in this region. Somewhere between mid-November until mid-March.”
Before ADA can go on another rally, however, Cowen stresses that Bitcoin (BTC) needs to continue holding the line on the 20-week moving average. He speculates that November could be the month that Cardano breaks out.
“If you go look at what happened last year, ADA broke out from the bull market support band in mid-to-late November… So we may dubiously speculate, the best-case scenario, if Bitcoin does continue to rally after holding the 20-week moving average, then maybe mid-November is the time, the earliest we could see a rally take place.”
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/KHIUS