
Crypto Analyst Benjamin Cowen Expects ADA to Fall Another 60%
Cryptocurrencies have been trending downward since August amid increasing on-chain activity.
ADA May Claim Lower Levels
When I thought buy cardano (ADA/USD), it may be too early. According to popular cryptocurrency analyst Benjamin Cowen, the price of ADA could drop another 60%. The token is trading at $0.31 at the time of his writing, and Cardano could reach $0.12 per prediction. Why does Cowen think so?
In a message to over 770,000 subscribers, Cowen said ADA faces a bear market resistance band. The Resistance has refused to allow the price to recover. Analysts believe ADA is behind his one bearish cycle in Ethereum. The latter witnessed a decline of around 95% in the first bear market. Cowen said ADA could see “declining losses” that could see him drop 94% or 95% from all-time highs.
The latest comments come despite Cardano continuing to witness growing development activity. According to Santiment data on December 1st, Cardano saw the highest amount of development activity in the past 30 days. The data shows that Cardano is 18% ahead in terms of development, outperforming its closest competitor, his Polkadot. Interestingly, this activity has not been reflected in the price as ADA remains in a downtrend. Still, investors are optimistic that development activity bodes well for ADA’s future gains.
ADA in a descending channel amid bearish momentum
The daily chart shows that Cardano is bearish. The cryptocurrency has maintained a descending channel since August. Momentum remains weak as price printing, a system of lowering highs and lows, shows. The RSI remains below the midpoint, indicating that a crypto bear market is likely.
Should I buy ADA now?
As Cowen thinks ADA price will trade even lower, but the technical outlook supports that. It just doesn’t show where the ADA’s possible bottom is.
Technical readers need a price to settle on support and then a bullish price action to consider ADA a valid buy.
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