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 may claim lower ranges
Whereas you happen to have been thinking of shopping Cardano (ADA/USD), it may aloof be too early. According to popular crypto analyst Benjamin Cowen, ADA prices may fall by another 60%. The token traded at $0.31 at press time, meaning that Cardano may contact $0.12 per the prediction. Why does Cowen assume 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 at the back of Ethereum. The latter witnessed about a 95% decline in its first bear market. According to Cowen, ADA may leer “diminishing losses” that may take it down 94% or 95% from its all-time high.
The latest comments advance even as Cardano continues to leer growing pattern activity. According to December 1 Santiment data, Cardano saw the absolute most reasonable pattern activity in the past 30 days. The data indicated that Cardano was 18% ahead when it comes to pattern, ahead of the closest competitor, Polkadot. Interestingly, the activity has no longer been reflected in the price as ADA remains on a downtrend. Calm, patrons can be optimistic that the pattern activity is a precursor for future gains in ADA.
ADA on a descending channel amid a bear momentum
ADA/USD Chart by TradingView
The daily chart shows Cardano is bearish. The cryptocurrency has maintained a descending channel since August. The momentum is aloof weak, as shown by the price printing, a gadget of lower highs and lower lows. The RSI remains beneath the midpoint, indicating that bears are many for the cryptocurrency.
Will have to aloof you raise ADA now?
Fair as Cowen thinks ADA price will trade further lower, the technical outlook supports it. Entirely that it does no longer indicate the place the seemingly backside price for ADA.
To a technical reader, we’d like the price to resolve at assist, adopted by a bullish price action to have in mind ADA a valid raise.
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