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).
“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. “
Check price action
Don’t miss out – sign up and send encrypted email alerts straight to your inbox
Follow me TwitterAnd Facebook and Telegram
Browse the daily mix
Disclaimer: The opinions expressed in The Daily Hodl are not investment advice. Investors need to do their due diligence before making risky investments in Bitcoin, cryptocurrencies or digital assets. Please note that your transfer and transactions are your own responsibility and any loss you may incur is your responsibility. Daily Hodl does not recommend buying or selling cryptocurrencies or digital assets. Also, Daily Hoddle is not an investment advisor. Please note that The Daily Hodl is involved in affiliate marketing.
Featured Image: Shutterstock/digitalart4k