Crypto analyst Benjamin Cowen expects ADA to fall another 60%
The cryptocurrency has been on a downtrend since August amid growing on-chain activity
ADA could claim lower levels &
If you have been thinking of& buying Cardano (ADA/USD), it could still be too early. According to popular crypto analyst Benjamin Cowen, ADA prices could fall by another 60%. The token traded at $0.31 at press time, meaning that Cardano could touch $0.12 per the prediction. Why does Cowen think so?
In a message to his more than 770,000 subscribers, Cowen says ADA faces a bear market resistance band. The resistance has rejected any price recoveries. The analyst believes ADA is one bear cycle behind Ethereum. The latter witnessed about a 95% decline in its first bear market. According to Cowen, ADA could witness “diminishing losses” & that could take it down 94% or 95% from its all-time high.
The latest comments come even as Cardano continues to witness growing development activity. According to December 1 Santiment data, Cardano saw the highest development activity in the past 30 days. The data indicated that Cardano was 18% ahead in terms of development, ahead of the closest competitor, Polkadot. Interestingly, the activity has not been reflected in the price as ADA remains on a downtrend. Still, investors can be optimistic that the development activity is a precursor for future gains in ADA.
ADA on a descending channel amid a bear momentum
The daily chart shows Cardano is bearish. The cryptocurrency has maintained a descending channel since August. The momentum is still weak, as shown by the price printing, a system of lower highs and lower lows. The RSI remains below the midpoint, indicating that bears are many for the cryptocurrency.
Should you buy ADA now?
Just as Cowen thinks& ADA price will trade further lower, the technical outlook supports it. Only that it does not indicate where the likely bottom price for ADA.
To a technical reader, we need the price to settle at support, followed by a bullish price action to consider ADA a valid buy.
Where to buy ADA
eToro
eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.
Bitstamp
Bitstamp is a leading cryptocurrency exchange which offers trading in fiat currencies or popular cryptocurrencies. Bitstamp is a fully regulated company which offers users an intuitive interface, a high degree of security for your digital assets, excellent customer support and multiple withdrawal methods.
The post Cardano predicted a further 60% decline. Does the price action show this? appeared first on CoinJournal.
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