Benjamin Cowen Looks Into Different Bullish Scenarios For Cardano (ADA)

Benjamin Cowen, a widely followed crypto market analyst and trader lays out his different scenarios for Cardano (ADA).

The analyst explains in a recent video that one perhaps more realistic yet bullish scenario for ADA is to “grind” up around the 20-week simple moving average (SMA).

“A more realistic approach for ADA but still bullish in my opinion, would be to just kind of grind it out here for a little bit. And best-case scenario, we hold the 20-week and then maybe we can continue higher.”

The trader also analyses potential implications, if Bitcoin crashes in the short term, and what it would mean to altcoins, including ADA.

“Another bullish scenario but is more short-term bearish is if Bitcoin gets another shakeout, let’s say down to the high $30,000s, like the $38,000 or $41,000 around the 20-week SMA, then we can even go below the 20-week SMA again and then continue moving along and then break out later on.”

According to Cowen the best scenario would be more gradual growth for Cardano rather than rapid spike up. ADA has the fundamental strength to keep steadily moving up and breaking new highs.

“Let’s look at ADA for what it is and say ‘alright, we’ve had a pretty successful last year and a half.’ We recently just launched smart contracts. We’re coming to see, okay, who’s actually going to use these smart contacts? We’ll slowly build out the ecosystem behind Cardano and then hopefully we can push higher slowly. That’s better in my opinion than moving up too quickly. Slow and steady is always better I think because it’s more sustainable for one thing to go up slow and steady than to have a parabolic move.”