• Advertise
  • Submit a Press Release
  • About Us
NewsBTC

Bitcoin & cryptocurrency news

  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Real Money Casinos
      • Casinos not on Gamstop
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • CasinosTry
  • Play GamesTry
  • Play Casino GamesTry
  • Best Crypto CasinoTry
No Result
View All Result
Breaking News: Ethereum Price Cracks Above $2,000 As BlackRock Eyes ETH ETF
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Real Money Casinos
      • Casinos not on Gamstop
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • CasinosTry
  • Play GamesTry
  • Play Casino GamesTry
  • Best Crypto CasinoTry
No Result
View All Result
Bitcoin News
No Result
View All Result
Breaking News: Ethereum Price Cracks Above $2,000 As BlackRock Eyes ETH ETF
Picture of a Cardano coin standing in front of a U.S. dollar bill

Crypto Analyst Lays Out Cardano’s (ADA) Pathway To $4

Best Owie by Best Owie
2 years ago
in ADA
Reading Time: 3 mins read

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.

Related Reading | Cardano (ADA) Cracks New $2.5 All-Time High, Is $3 Possible?

Smart Contracts Are Pushing Cardano (ADA) price

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.

Cardano (ADA) price chart from TradingView.com

ADA breaks new all-time high | Source: ADAUSD on TradingView.com

The number 2 reason Cowen gives for the price run-up is Bitcoin’s 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.

Bitcoin’s simple moving average plays a key role in Cowen’s analysis of this bullish setup. The SMA is a critical key that would either make or break the bullish setup in ADA.

Bitcoin Is The Key To $4

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.

Related Reading | Cardano (ADA) Steadies Above $2 As Bulls Continue To Aim For $2.5

“The only thing now that you should be rooting for if you want to see ADA breakthrough to, say, the $3 mark, the $4 mark, what do you want to see happen?” Cowen asked. Answering his own question, Cowen explained that Bitcoin staying above the 20-week SMA (simple moving average) is key to ensuring this setup realizes its full potential. “What you want to see happen is you want to see Bitcoin just kind of hang out. Just have Bitcoin chill above the 20-week simple moving average.” Cowen further went on to add, “if we get it, then the past of least resistance for ADA IS UP.”

Bitcoin’s movement, Cowen says, is very important to understanding Cardano’s (ADA) movement. “To get an idea of what ADA is doing, you need to look at what Bitcoin is doing.”

Featured image from Arabian Business, chart from Trading View.com
Tags: ADAadausdADAUSDTCardanocrypto analystprice analysis
Tweet123Share196ShareSend
Best Owie

Best Owie

Best Owie is a seasoned managing editor with a wealth of experience currently serving as the Managing Editor at NewsBTC. Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality. Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors. Best is a true professional in every sense of the word with an exceptional dedication to producing high-quality work.

Related Posts

Cardano (ADA)

On The Brink Of Breakthrough? Analyst Foresees Cardano (ADA) Hitting New Annual Heights

1 day ago
Cardano ADA price

Cardano Forecast: Crypto Analyst Identifies The Event That Could Send ADA Price To $11

6 days ago
Bitcoin Crypto Market Altcoins BCH ETH XRP BNB ADA TRX EOS

ADA Price (Cardano) Breaking This Confluence Resistance Could Restart Rally

1 week ago
Cardano ADA price

Analyst Predicts 8800% Ascent to $35 Cardano (ADA), Here’s When

2 weeks ago
Cardano (ADA)

ADA Price Prediction – Cardano Could See “Face Ripping” Rally

3 weeks ago
Cardano ADA whales

Cardano Whales Go On $600 Million Buying Spree That Could Trigger Run To $0.4

3 weeks ago

Premium Partners

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Trust Dice

Trust Dice

Review · Visit
mBit

mBit

Review · Visit
Inmerion

Inmerion

Review · Visit

Press Releases

  • SEC Calls $ADA and $SOL “Securities” in New Kraken...

    16 hours ago
  • Primex Finance Deploys to Arbitrum to Enable Leverage on...

    2 days ago
  • FansHood Unleashes Innovative SocialFi Platform Redefining...

    2 days ago
  • ArbitrageScanner is hosting its biggest affiliate event in...

    2 days ago
  • $SCORP Token: Passive Income With Deflationary Mechanics...

    2 days ago

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2023 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Real Money Casinos
      • Casinos not on Gamstop
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Casinos
  • Play Games
  • Play Casino Games
  • Best Crypto Casino

© 2023 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.