Benjamin Cowan outlined the level of resistance that the altcoin needs to overcome to return to the "bullish" phase.
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Crypto analyst Benjamin Cowen explained in which case the price of Cardano (ADA) will continue to rise. According to Cowen, the altcoin needs to overcome the resistance level, which is in the range of $1.64-1.8 (up 20-30% from current levels). This can happen if bitcoin continues to move sideways, the analyst noted. He explained that if the price of the first cryptocurrency decreases, Cardano will not have the opportunity to counter the global bearish trend.
On January 20, Cardano is trading at $1.36, and its capitalization is $43.7 billion. Over the past week, the altcoin has grown by 28%, reaching $1.6. This happened on the eve of the launch of the first decentralized crypto exchange in the Cardano network - SundaeSwap.
The developers of the SundaeSwap exchange announced the full launch of the trading platform on the Cardano network on January 20. The platform will also allow users to earn cryptocurrency through profitable farming.
In early September last year, the Alonzo hard fork was released on the Cardano network, which added the ability to create smart contracts and decentralized applications (dApps) to the blockchain. In anticipation of the release of the update, the price of the altcoin has updated its historical high above $3. Then the asset managed to take the third position in the list of the largest cryptocurrencies by capitalization. Since then, the Cardano token has fallen in price by 55%.