Cardano (ADA) Worth Plummets as Benjamin Cowen’s Bearish Prediction Comes True

• Benjamin Cowen predicted that ADA would lose dominance to Bitcoin.
• ADA/BTC is at the moment at 495, nearly in keeping with the analyst prediction.
• ADA has dropped a big 7% prior to now seven days.

Crypto analyst and YouTuber Benjamin Cowen’s bearish prediction about Cardano has materialized. The blockchain community’s native token, ADA, dropped 3.75% prior to now 24 hours as Bitcoin (BTC) fell beneath $67,000.

Altcoin Day by day posted on X (previously Twitter) that Cowen had predicted again in August 2023 that ADA would lose dominance towards BTC falling to only 400 satoshis. Whereas most dismissed his prediction on the time, however ADA’s almost 7% crash the previous week now lays credence to his bearish outlook.

CoinMarketCap knowledge exhibits that ADA misplaced its tenth place out there and is now the Eleventh-largest digital asset with a valuation of $11.58 billion, priced at $0.3309. The cryptocurrency’s buying and selling quantity jumped 80.38% prior to now 24 hours, suggesting that almost all merchants are promoting. ADA can be down 89.31% from its all-time excessive of $3.10 in 2021.

ADA has been one of many worst-performing blue chip tokens, gaining simply 13.95% since October 2023. The blockchain community is working to shift in the direction of a extra decentralized mannequin with the Chang arduous fork and Voltaire improve.

ADA Worth Evaluation

The Relative Energy Index (RSI) for ADA is 40.29, indicating that bears are at the moment in command of the digital asset’s value motion. The altcoin additionally faces vital resistance at $0.37 and $0.40.

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The RSI indicator suggests a possible short-term spike in shopping for strain, which suggests ADA’s value might enhance if shopping for quantity rises. Cardano’s nearest assist is between $0.30 and $0.31, a stage it final traded beneath in November 2023.