Cardano

Bitcoin

Drops

<ul class="wp-block-list">
 <li>ADA dropped 3.75% after Bitcoin fell below $67,000, aligning with a bearish forecast by crypto analyst Benjamin Cowen from August 2023.&nbsp;</li>  
 <li>Cardano's ADA slipped to 11th place with a market cap of $11.58 billion, down 89.31% from its 2021 all-time high of $3.10.</li>  
 <li>ADA's RSI at 40.29 suggests bearish control, facing resistance at $0.37-$0.40, with support around $0.30-$0.31.</li> 
</ul>  
<p>Cardano’s ADA token faced a significant drop of 3.75% over the past 24 hours. The decline followed Bitcoin’s dip below $67,000, triggering a bearish response across the crypto market. This development aligns with a previous prediction from crypto analyst and YouTuber Benjamin Cowen, who had anticipated a downturn for ADA.&nbsp;</p>  
<p>Cowen's prediction, initially made in August 2023, forecasted that ADA would lose ground against Bitcoin, falling to approximately 400 satoshis. At the time, many dismissed his outlook as overly pessimistic.&nbsp;</p>  
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<p>However, ADA's recent struggles now lend credibility to Cowen's bearish stance. This drop also contributed to ADA’s slide in the crypto rankings, losing its spot as the 10th-largest digital asset. CoinMarketCap data now lists ADA in 11th place, with a market valuation of $11.58 billion and a price of $0.3309.</p>  
<h2 class="wp-block-heading" id="h-ada-s-market-performance-deteriorates"><strong>ADA's Market Performance Deteriorates</strong></h2>  
<p>Notably, ADA’s struggles have not been limited to the recent 24-hour downturn. The token has seen a 7% decline over the past week, adding to a broader trend of underperformance. ADA remains 89.31% below its all-time high of $3.10, recorded in 2021.&nbsp;</p>  
<p>Furthermore, the recent price action has also driven a surge in trading volume, which rose by 80.38% in the past day. Analysts suggest that this increase in trading activity points to a sell-off by traders, reflecting waning confidence in ADA’s short-term outlook.</p>  
<p>Besides, the broader crypto market’s downturn has not spared ADA, which has been one of the worst-performing blue-chip tokens over the past year. Since October 2023, ADA has managed only a modest gain of 13.95%. Market analysts attribute this sluggish growth to a combination of technical challenges and competitive pressures within the blockchain space.</p>  
<h2 class="wp-block-heading" id="h-je-cardano-eyes-decentralization-amidst-price-challenges"><strong>Je Cardano Eyes Decentralization Amidst Price Challenges</strong></h2>  
<p>However, despite recent setbacks, Cardano is making efforts to enhance its network through the <a href="https://cryptonewsland.com/cardano-nears-chang-hard-fork-72/" target="_blank" rel="noopener noreferrer nofollow">upcoming</a> Chang Hard Fork and Voltaire upgrade. These updates aim to improve the blockchain’s governance model, moving towards greater decentralization.&nbsp;</p>  
<p>Particularly, the Voltaire era seeks to empower the community with decision-making authority, which could strengthen the network's appeal to developers and users.</p>  
<p>Nevertheless, ADA’s current technical indicators suggest that market conditions remain challenging. The Relative Strength Index (RSI) for ADA stands at 40.29, which indicates a bearish trend.</p>  
<p>Hence, this metric suggests that sellers currently have control over the token’s price movement. ADA is also encountering resistance at $0.37 and $0.40. For any price recovery, the token would need to overcome these barriers and attract increased buying interest.</p>  
<h2 class="wp-block-heading" id="h-potential-support-levels-for-ada-amid-volatility"><strong>Potential Support Levels for ADA Amid Volatility</strong></h2>  
<p>Cardano’s nearest support level sits between $0.30 and $0.31, a price range that it last tested in November 2023. If the bearish pressure continues, ADA may approach this support zone once more.&nbsp;</p>  
<p>Conversely, a rise in buying volume could create a short-term price spike, as indicated by the RSI. Such a shift would provide ADA with an opportunity to stabilize, even if only temporarily.</p>  
<p>Therefore, market analysts emphasize that the outcome of Cardano’s ongoing upgrades will play a crucial role in shaping ADA’s future trajectory. As the blockchain transitions towards greater decentralization, the focus will be on whether these changes can help regain investor confidence.</p> 
<p>The post <a href="https://cryptonewsland.com/cardano-ada-price-drops-sharply-as-benjamin-cowens-bearish-forecast-materialize/" rel="noopener noreferrer nofollow">Cardano (ADA) Price Drops Sharply as Benjamin Cowen’s Bearish Forecast Materialize</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.</p>

Cardano (ADA) Price Drops Sharply as Benjamin Cowen’s Bearish Forecast Materialize

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