- Benjamin Cowen predicted that ADA may continue to lose strength in the coming weeks.
- The analyst predicted that ADA/BTC could drop to 0.000004 if the negative trend continues.
- Cowen revealed that a sustained break above the 20-week EMA line will confirm a bullish trend reversal for ADA.
The trader and analyst Benjamin Cowen predicted in his latest analysis for Cardano (ADA) that the altcoin may continue to drop in the coming weeks. He revealed that his bearish outlook for the Ethereum-killer stems mainly from the fact that the total liquidity for the cryptocurrency market continues to decline.
Should ADA’s current downtrend continue, Cowen forecasts that ADA/BTC could fall to as low as 400 satoshis (0.000004 BTC). On the other hand, he speculated that ADA’s BTC pairing may continue to consolidate between 800 to 1,200 satoshis in the coming weeks if there is not an overwhelming amount of sell pressure during this period.
Meanwhile, Cowen mentioned that ADA has continued to weaken against its biggest competitor Ethereum (ETH) in the past few weeks. The analyst shared that ADA/ETH has been in a downward trend and printed lower lows as well as lower highs during this time. Furthermore, he does not believe that there will be a break of this bearish trend any time soon.
Cowen speculated that a confirmation of ADA exiting its negative medium-term trend will be when it closes a weekly candle above the 20-week EMA line, and maintains a position above this technical indicator for multiple weeks thereafter. From a price perspective, this is around the $0.33-$0.34 area.
At press time, CoinMarketCap indicated that ADA’s woes continued over the past 24 hours. The cryptocurrency traded at $0.314 after it had dropped 0.68%. This negative daily performance also succeeded in flipping ADA’s weekly performance into the red – bringing the total weekly performance down to -0.21%.
The altcoin also weakened against the two market leaders BTC and ETH by 0.02% and 0.25% respectively. As a result, 1 ADA was worth 0.00001056 BTC and 0.000168 ETH.
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