Close-up cryptanalyst Benjamin Cowen says Cardano (ADA) appears ready for a rally in late June under one key condition.
In a new strategy session, Cowen tells his 749,000 YouTube subscribers that based on Cardano’s history, the ADA is likely due to an emergency response to what he calls the bull market support band, which is a combination of the 20-week simple moving average (SMA). ) and the 21-week exponential moving average (EMA).
“We saw several rallies up to the bull market support band during the bear market in 2018, and then we finally reached a type of accumulation phase, where you in a way enter a type of double bottom and it is a more convincing bottom than say one single point where you gather and never look back …
We discussed the idea [that] we̵[ads1]7;ll probably be back to the bull market support band, and one of the reasons we said it’s is because of the idea that remains to be proven yet – I do not even know if it’s going to come true – 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 a relief rally to the beef market support band, which is currently close to the $ 40,000 level, the popular cryptanalyst says the ADA will be on track to reach a target of around $ 0.80.
“If we were to expand this, the bull market support band, then let’s say that by the end of June it could be equivalent to an ADA of $ 0.75 to $ 0.80 or something. So a small improvement over the current price, maybe to 20 % or something, and this is of course assuming that Bitcoin sees some kind of relief rally above just the $ 30,000- $ 32,000 level. “
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Featured image: Shutterstock / Giovanni Cancemi