If Cardano (ADA), the smart contract platform, experiences another correction, a widely-respected crypto analyst has identified a price target that is below current levels.
Benjamin Cowen, a crypto-strategist and YouTube subscriber with 849 000 subscribers tells them that if Federal Reserve does not bring back QE (quantitative easing), then ADA will continue to fall.
“There’s a possibility that the price will drop to the $0.357 level, because [Fed Chairman Jerome] Powell has said ‘No QE. Continue playing in the Sandbox and Cryptoverse. We’ll provide QE later.
When a central bank of a country purchases financial assets, it increases the money supply to stimulate the economy.
Cowen continues to state that ADA’s technical indicators such as the 20-week moving average and the 21-week moving exponential average are in line with Cowen’s theory of a further significant dip for the crypto asset.
The bull market’s support band is also important to consider. You can see the bull market band from ADA to Bitcoin – it was below that in mid-2023, but had a close every week right at or near the SMA of 20 weeks. It was above the 21 week EMA earlier this year, and I’d keep an eye out for that.
“The 20-week SMA of ADA [and] 21-week EMA [would correspond to] a price of $0.53.”
ADA currently trades for $0.89, a 3% rise from the previous day. It was worth $1.21 on December 2nd.
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Sources of Images include Pixabay Creative Commons & Midjourney
The post Benjamin Cowen: Here is a Possible Downside Price Target For Cardano If ADA Seeks New Corrections may change as new information becomes available.
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