{"id":469875,"date":"2021-08-23T17:00:37","date_gmt":"2021-08-23T17:00:37","guid":{"rendered":"https:\/\/uniquehot.com\/?p=469875"},"modified":"2024-06-11T13:57:55","modified_gmt":"2024-06-11T13:57:55","slug":"cardano-pathway-to-4","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/cardano\/cardano-pathway-to-4\/","title":{"rendered":"Crypto Analyst Lays Out Cardano\u2019s (ADA) Pathway To $4"},"content":{"rendered":"
Cardano (ADA) recently hit a new all-time high with the rally. The price of the altcoin had surged past $2.5 on Friday to set a new trading record. While the market awaits the release of the Alonzo Purple Hard Fork that would bring smart contracts capability to the network, indicators have shown that the price is nowhere near the end of its run. The increased interest in the project shows that the coin will continue to grow. But just like any asset, there are things that could hinder this growth. This is what crypto analyst, Benjamin Cowen, has taken time out to explain.<\/p>\n
Related Reading |\u00a0Cardano (ADA) Cracks New $2.5 All-Time High, Is $3 Possible?<\/a><\/strong><\/em><\/p>\n Crypto analyst Benjamin Cowen attributes the recent growth of the digital asset to two things. First is the smart contracts capability that is set to be launched on September 12th. This would put the Cardano network on a level high enough to compete with its biggest rival, Ethereum.<\/p>\n <\/p>\n The number 2 reason Cowen gives for the price run-up is Bitcoin\u2019s current movement. According to Cohen, Bitcoin resting above the 20-week SMA (simple moving average), and then going sideways has been a big factor for the rally. Bitcoin being at this point puts ADA in a position where the path of least resistance is upwards. Thus, the price of the asset has been driving upward.<\/p>\n Bitcoin\u2019s simple moving average plays a key role in Cowen\u2019s analysis of this bullish setup. The SMA is a critical key that would either make or break the bullish setup in ADA.<\/p>\n Benjamin Cowen took to his YouTube channel to talk about what could hinder the bullish setup of Cardano (ADA). Cowen pointed out that the price was set to explode with the current setup. But this uptrend would depend greatly on Bitcoin. Bitcoin staying above this key level would see the price of ADA going up.<\/p>\nSmart Contracts Are Pushing Cardano (ADA) price<\/h2>\n
ADA breaks new all-time high | Source: ADAUSD on TradingView.com<\/a><\/pre>\n
Bitcoin Is The Key To $4<\/h2>\n