The cryptocurrency market is going through some tough times. Leading crypto Bitcoin (BTC), $ 28 thousand sagged. The leading altcoin Ethereum (ETH), on the other hand, has seen a sharp decline in recent days. On the other hand, the closely followed crypto analyst points to an Ethereum competitor. The analyst says Cardano (ADA) looks set to rally in late June, under one key condition.
“Altcoin project history points to a rally in June”
Veteran analyst Benjamin Cowen shared his predictions to 749,000 YouTube subscribers in a new strategy session. The analyst, whose views we have included in the news of Kriptokoin.com, says that ADA will make a relief rally based on Cardano’s past. Cowen notes that this will likely be up 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).
The analyst states that during the 2018 bear market, we saw several rallies up to the bull market support band. He also notes that we’ve reached a kind of accumulation stage where we eventually put some kind of double bottom. According to the analyst, you can put some kind of double bottom here, and it’s a more believable bottom than a single point where you pick up and never look back. Benjamin Cowen continues his analysis as follows:
We discussed the idea that we would most likely return to the bull market support band. One of the reasons we say this is because the idea has yet to be proven. Because I don’t even know if that’s the case. It will happen, but we talked about the idea of a June rally for Bitcoin.
ADA’s relief rally tied to Bitcoin’s performance
Popular crypto analyst says ADA will be on track to hit a target of around $0.80. However, for this to happen, certain conditions must be met. If history repeats and Bitcoin sees a relief rally at the bull market support band, which is currently near the $40,000 level, it will be possible. Benjamin Cowen explains his predictions as follows:
If we were to expand that, the bull market support band would be, say at the end of June, to an ADA of $0.75 to $0.80 or something. may correspond. So this means a slight improvement in the current price. Maybe up to a 20% setting. Also, this is of course based on the assumption that Bitcoin only saw some kind of relief rally above the $30,000-32,000 level.
Meanwhile, at the time of writing, Bitcoin was continuing to decline. The leading crypto was trading at $29,959, losing 1.79% on a daily basis to CoinMarketCap data. Cardano (ADA), which ranks 6th in terms of market capitalization, has lost 5.30% in the last 24 hours. The altcoin was changing hands at $0.5309. Currently, ADA is standing 82.85% down from the $3.10 ATH level it saw 9 months ago.
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