Benjamin Cowen has allocated a token that may be in the accumulation phase after a threefold rise in price and is preparing to continue its rapid upward movement
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Crypto analyst Benjamin Cowen believes that Cardano is in a phase of accumulation, after which the altcoin will return to skyrocketing growth. Cowan explained that this is the expected scenario for an asset that rallied 300% from mid-July to September, hitting a new all-time high above $ 3.
The analyst claims that the token is currently trying to maintain the $ 2 mark. If he succeeds, then in November this year Cardano may return to rapid growth.
Cowen added that Cardano's all-time high renewal will only be possible if the market is not shocked and the value of Bitcoin does not plummet.
On October 6, Cardano is trading at $ 2.3. Over the past month, cryptocurrency has fallen in price by 9%. The capitalization of the token dropped to $ 73.3 billion. The asset ranks third in the list of the largest cryptocurrencies in terms of capitalization, according to CoinGecko.