Cardano (ADA), which until recently was the darling of the cryptocurrency market, ended up being the “rejected bride at the altar” and saw its price plummet after all the hype surrounding the crypto asset.
Analysts who had previously hinted that the ADA could even threaten the dominance of the ETH, went on to say that Cardano had met the end of its bubble.
However, there are those who believe that, after facing a significant drop, the ADA is ready to be reborn as a phoenix. This is believed by cryptocurrency analyst Benjamin Cowen:
“Cardano is finally showing signs of life,” said the analyst.
Cowen told his 638,000 YouTube subscribers that the ADA’s critical pricing period has come to an end.
According to the analyst, ADA should surpass what he calls “the bull market support band”. It is a combination of the 20-week simple moving average (SMA) and the 21-week exponential moving average (EMA) .
“The job we have to do is, first, get back above the bull market support band. And if you look at it, it’s going up by $1.94 – $2.05,” he said.
Comparing ADA with a critically ill patient, Cowen noted that Cardano began to show signs of a “pulse”. Which indicates rebirth in the cryptoactive.
“It’s like there’s a pulse. There is a pulse. He is doing something. But we still have a long way to go, my friends,” he said.
The analyst said he was predicting the ADA will return to the positive side sometime by the end of March.
According to a recent blog post by Input Output Hong Kong (IOHK), the technology company responsible for building the project, ADA is seeing a significant increase in users and transactions after it rolled out smart contract capability in September.