Can Cardano Continue Its Rally? Crypto Analyst Benjamin Cowen Looks at What’s Ahead for ADA

Crypto analyst Benjamin Quinn says several factors could prevent Cardano (ADA) from starting Bull Run now.

In a new YouTube update, Cowen told 692k subscribers that Bitcoin (BTC) is the “number one” determinant that could prevent ADA prices from rising.

Analysts explain that BTC is in control of the health of the market and Bitcoin price remains bearish, but it is difficult for the ADA to fully counter this trend.

The price of ADA rose from $1.19 a week ago to $1.61 sometime on Tuesday, but is back to $1.43 at the time of writing.

Cohen mentions that ADA’s “Bullmarket Support Squad” ranges from $1.64 to $1.81. A bullish market support bar is a technical indicator that combines a 20-week simple moving average (SMA) and a 21-week exponential moving average (EMA).

Analysts say,

“You can see that [$1.81] as resistance in the short term. “

Smart contract platform Cardano is working on several projects for 2022. InputOutputHong Kong (IOHK) recently announced plans to expand its network. This includes a separate blockchain connected to the mainchain to enable the execution and transfer of the sidechain. of the assets between them.

IOHK CEO Charles Hoskinson, due to be completed this year, recently outlined several different developments that will allow Cardano to align with the technical elements of other major smart contract platforms.

However, Cowen cautions traders to keep track of how well these planned upgrades really work.

“Do they leave without delay? It is advisable to relax expectations in the short term.

As with anything, when something sticks out, bumps happen along the way. “

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