- Benjamin Cowen has spotted consistency in Cardano’s trend cycles.
- ADA’s current trend mirrors the pattern from the 2020 bull run.
- Cardano’s similar trend patterns trigger more bullish speculation for ADA.
Into The Cryptoverse founder Benjamin Cowen sees similarities between Cardano’s (ADA) current trend and its last cycle behavior.
In a recent podcast, the crypto analyst said ADA’s current risk level is similar to where it was in 2020. From Cowen’s comparison, crypto ADA traders could expect the blockchain token to embark on a significant surge soon. From a similar point in 2020, ADA went up 1,800% by the end of the bull run.
The renowned analysts presented similar technical chart patterns, covering periods between 2019 before the 2020 bull run and 2023 ahead of the current bull cycle. Cowen’s revelations highlighted a potential rally, assuming the crypto market cycle repeats itself.
Read also: Cardano (ADA) Momentum Builds—Will It Break $1.30 and Hit $2 Soon?
Besides comparing ADA’s price against the U.S. dollar, Cowen also noted how ADA is repeating a pattern against Bitcoin. The ADA/BTC weekly chart shows a repetition in the ADA trend pattern from the last crypto market cycle. ADA/BTC found support at almost the same level in 2020 before going up rapidly.
Cowen’s comparative analysis suggests ADA may be in a bull rally that will go on for a long time. The current rally, which began in November, has made ADA go up over 300%.
Factors Driving ADA’s Growth
In addition to Cowen’s observations, technical developments and favorable events have helped ADA. The Voltaire upgrade helped democratize the Cardano network. Also, Charles Hoskinson’s closeness with the incoming administration could mean good things for the blockchain project’s future.
ADA traded for $1.235 at the time of writing after reaching $1.327 during Tuesday’s trading session. The altcoin’s next notable resistance is around the $1.5 region, beyond which it could continue higher and target its all-time high of $3.160.
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