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Crypto analyst, Benjamin Cowen has revealed that Cardano has started demonstrating “signs of life” after facing a huge price pullback since September.

Cowen said to his 638,000 YouTube subscribers that it’s critical that Cardano breaks back above something he calls the “bull market support band.” This is a combination of the 20-week simple moving average (SMA) and the 21-week exponential moving average (EMA).

“The work we have to do is first we need to get back above the bull market support band, and if you look, it’s all the way up at $1.94-$2.05… It’s like there’s a pulse. There’s a pulse. It’s doing something, but we’ve still got a long way to go, my friends.”

The analyst proposes that Cardano will break back to the upside between now and late March. Presently, the sixth-ranked crypto asset by market cap is seeing a huge increase in transactions and users after it decided to deploy smart contract capability in September.

Currently, Cardano trades at $1.69 after surging almost 9% in the last 24 hours. However, the crypto asset is still down by over 45% from its all-time high of $3.09, which it achieved on September 2nd.

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