Closely followed crypto analyst Benjamin Cowen says Cardano (ADA) looks set for a rally in late June under a key condition.
In a new strategy session, Cowen tells his 749,000 YouTube subscribers that based on the Cardano story, ADA is likely due for a relief rally until he calls the market support band. bullish, which is a combination of the 20-week simple moving average (SMA) and the 21-week exponential moving average (EMA).
“We saw several rallies to the bull market support band during the 2018 bear market, and then we finally hit a kind of accumulation phase, where you kind of put in a kind of double bottom and that is a more compelling background than say a single point where you rally and never look back…
We discussed the idea [that] we’ll probably go back to the support band of the bull market and one of the reasons we said that is because of the idea that’s yet to be proven – I don’t even know if it’s even going to happen – but if you follow my other videos, we talked about the idea of a June rally for bitcoin.
If history repeats itself and Bitcoin sees relief rallying to its bull market support band, which is currently near the $40,000 level, the popular crypto analyst says ADA would be on track to reach a target. down to around $0.80.
“If we were to extend this, the support band of the bull market, let’s say that by the end of June, it could correspond to an ADA of $0.75 to $0.80 or something. So a slight improvement from the current price, maybe around 20% or something, and that of course assumes that Bitcoin is seeing some type of recovery above the $30,000 level at $32,000.
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