In a recent Cardano (ADA) analysis, esteemed trader and analyst Benjamin Cowen predicted that the altcoin might experience a further decline in the upcoming weeks. Cowen’s bearish perspective on this potential Ethereum competitor is primarily based on the ongoing decrease in overall liquidity within the cryptocurrency market.
If ADA’s ongoing downward trend persists, Cowen predicts a potential decline for ADA/BTC to reach as low as 400 satoshis (0.000004 BTC). Conversely, Cowen speculates that ADA’s BTC pairing might maintain a consolidation range of 800 to 1,200 satoshis in the upcoming weeks, provided there is no significant influx of selling pressure during this period.
In recent weeks, ADA has experienced a decline in value relative to its primary competitor, Ethereum (ETH), as noted by Cowen. The ADA/ETH pair has exhibited a consistent downward trajectory, marked by the occurrence of lower lows and lower highs. Additionally, Cowen expresses skepticism regarding the possibility of a bullish reversal shortly.
Cowen hypothesized that validation of ADA’s departure from its downward medium-term trajectory would occur upon completing a weekly candle surpassing the 20-week EMA line, followed by a sustained position above this crucial technical indicator for several subsequent weeks. This milestone is anticipated to manifest within the range of approximately $0.33 to $0.34 in terms of price.
As of the latest update, CoinMarketCap reports that ADA has faced ongoing challenges in the past 24 hours. The cryptocurrency experienced a decline of 0.68%, resulting in a trading price of $0.314. This downward trend impacted ADA’s daily performance negatively and caused a shift in its weekly performance, now standing at -0.21%.
The altcoin experienced a slight decline in value compared to the two dominant cryptocurrencies, BTC and ETH, with a decrease of 0.02% and 0.25%, respectively. Consequently, the exchange rate for 1 ADA stood at 0.00001056 BTC and 0.000168 ETH.
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