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Closely followed crypto trader and analyst Benjamin Cowen says he sees a threat that could thwart Cardano’s bullish setup (ADA).
In a new strategy session, Cowen tells his 497,000 YouTube subscribers that bullish ADA sentiment continues to strengthen as the third largest cryptocurrency posts a new record high of $ 2.58.
“For now, I think a lot of the hype is down to two things. Number one is the smart contract launch in a few weeks. It’s number one. I think there are a lot. hype in there. Number two, Bitcoin is above week 20 [simple moving average] and go aside. So the path of least resistance for ADA is to go up. ”
According to Cowen, Cardano’s next price explosion hinges on Bitcoin’s (BTC) ability to stay above a key level.
“The one thing you should lean on now if you want to see ADA break through to say the $ 3 bar, the $ 4 bar, what do you want to happen?” What you want to see happen is you want to see Bitcoin just hanging around. Just have Bitcoin chill over week 20 [simple moving average]. If we get it, then the path of least resistance for ADA is in place. “
The crypto strategist says he sees a threat that could potentially ruin the bullish ADA and BTC rallies.
“To understand what ADA is doing, you have to go and see what Bitcoin is doing. To better understand what Bitcoin does, you need to look at the US dollar. And the only reason, the only reason to be a little careful, I would say, would be because the dollar is trying to come out …
If you want to see the crypto rise, what you would like to see happen is for the dollar to be thrown down. So if the dollar is rejected lower, you will see people continue to speculate on crypto… ”
Cowen also says he watches the dollar “like a hawk”. According to the crypto analyst, it will be difficult for Bitcoin to set a new all-time high if the US dollar bursts.
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