In October, the Cardano price had a rough month as it diverged from the price of other cryptocurrencies. Its value dropped in October, while other cryptocurrencies such as Bitcoin and Ethereum soared to new highs.
ADA is now trading at $1.95 at the time of writing. In the last 24 hours, the price has declined by over 0.5 percent. On coinmarketcap, ADA is ranked 5th, with a market dominance of roughly 2.48 percent.
When will ADA Price Reach ATH?
Benjamin Cowen, a well-known analyst and trader, has predicted a realistic timeline for Cardano (ADA) to reach new all-time highs.
Cowen writes in a new strategy session that Cardano has already gained about 11,000 percent since its March 2020 low, and that it may need time to cool off before making any more rises.
According to him, ADA will consolidate for a while and wait for the ecosystem to be fully utilised before moving forward. He believes we’ll be in some sort of consolidation phase until then, until that actually happens he sees a bounce back to $2.50 or $2.25.
Cowen sees a more pessimistic scenario in which ADA breaks through the “bull market support zone,” which is made up of the 20-week SMA and the 21-week exponential moving average (EMA). Cowen believes that if Cardano falls below the bull market support band, which is now around $1.90, it will likely enter a prolonged accumulation period before moving higher.
“Hopefully it breaks out to the upside if Bitcoin stays relatively bullish. So that would be the ideal case. Even if we do not hold the bull market support band, I still think it’s fine. I just think we would be in a long reaccumulation, and hopefully, we would still break out to the upside.”