Cardano Price has been positive for the past few days. Bears did interrupt in the middle, but the altcoin moved out of the way. The positive trend in ລາຄາ ADA has accelerated in the last two days, with an incredible rise helping it smash through the $1 level as if it didn’t exist. This critical level has now converted into support, with $1.2 being the next level of resistance.
Cardano (ADA), a smart contract platform, has to break over a crucial price level, ຕາມ to a famous crypto analyst, in order to continue its upward trend.
Benjamin Cowen informs his subscribers in a new strategy session that Cardano has spent much of the past year lingering around $1.20 as both support and resistance. He believes the altcoin may require a rise in the leading crypto asset Bitcoin (BTC) to help spark another surge for ADA. If the coin gets to the $1.20 threshold, it will be a significant test for ADA, he said. Obviously, it will depend on if Bitcoin is able to break through its own bull market support zone, he further added.
What is the next crucial level for Bitcoin?
The bull market support band for Bitcoin Price is a technical indicator that combines the 20-week simple moving average (SMA) and the 21-week exponential moving average (EMA) of the cryptocurrency (EMA).
BTC’s next key test, according to the analyst, will be in the $45,000 to $46,000 level. However, if Bitcoin is brutally rejected from its bull-market support band around $45k to $46k, I expect ADA to face some difficulty and rejection from its own bull market support band.
Cowen ends by stating that when Bitcoin falls below its bull market support zone, altcoins, in general, perform poorly against the BTC trading pair.
At the time of writing Bitcoin is trading at $43,925 and has gained more than four percent.
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Source: https://coinpedia.org/altcoin/bullish-outlook-for-cardano-bitcoin-price/