Crypto analyst puts Cardano (ADA) at $ 4

Cardano (Island) recently reached an unprecedented new peak with a rally. The price of altcoin rose more than $ 2.5 on Friday, setting a new trading record. While the market has been waiting for the launch of the Alonzo Purple hardfork, whose network will provide support for smart contracts, indicators have shown that the price is far from launch. The growing interest in the project suggests that money will continue to grow. But, as with any asset, there are things that can impede that growth. This is what crypto analyst Benjamin Cowan found time to explain.

Reading / Cardano (ADA) on the subject set a new record of $ 2.5, is $ 3 possible?

Smart contracts push Cardano’s price (ADA)

Crypto analyst Benjamin Cowan explains the recent rise of the digital asset for two reasons. The first is the possibility of smart contracts due to launch on September 12. This would move Cardano’s network to a level where it could compete with its biggest rival, Ethereum.

ADA sets new all-time record / source: adausd TradingView.com

According to Cohen, bitcoin is held above the 20-week SMA (simple moving average), and then moving sideways was a big factor in the rally. Bitcoin at this point puts the island in a position where the path of least resistance lies upward. So the price of the asset rises.

Bitcoin’s simple moving average plays a key role in Cowan’s analysis of this upward trend. SMA is a critical switch that creates or destroys the upward trend on the island.

Bitcoin Is The Key To $ 4

Benjamin Cowan took his channel to YouTube to talk about things that could block Cardano’s upward trend (ADA). Cowan noted that the price is set to explode in the current set-up. But this upward trend will largely depend on bitcoin. Remaining above this important level will cause the price of bitcoin to rise.

Reading / Cardano (island)

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