Benjamin Cowen: ‘Decision Time’ Approaching For Cardano (ADA)

According to Benjamin Cowen, a leading crypto analyst, it’s “decision time” for smart contract platform Cardano (ADA).

Cowen shared with his 723K YouTube subscribers that ADA could be mimicking Ethereum’s 2016/2017 market structure, when it visited new lows in late 2016, and then launched to 100x higher in 2017.

According to the analyst, ADA recently revisited its bull market support band, which is a market indicator derived from the 20-week simple moving average (SMA) and the 21-week exponential moving average (EMA). 

At the time of writing, ADA trades at $1.05, after dipping along with the rest of the crypto market.

In order for ADA to follow ETH’s 2016/2017 path, it would need to climb up around $2.60 within the next two months or so, Cowen says.

“What we’re looking for, again with the idea that this is decision time, the point is, Ethereum had the same market structure (as in 2016/2017), where it was just sort of ping-ponging all over the place, and ultimately we came back up to the bull market support band approximately one year later after getting up to this range…

(Ethereum) consolidated around it for about a month to a month and a half, and then we broke out. ADA’s looking very similar.”