ADA May Continue to Weaken Against BTC, ETH, USD

In a recent analysis, trader and analyst Benjamin Cowen predicted that Cardano (ADA) may continue to weaken in the coming weeks. Cowen’s bearish outlook for the Ethereum competitor stems primarily from the ongoing decline in total liquidity for the cryptocurrency market.

ADA May Continue to Weaken Against BTC, ETH, USD

If ADA’s current downtrend continues, Cowen forecasts that ADA/BTC could fall to as low as 400 satoshis (0.000004 BTC). However, 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.

ADA has also continued to weaken against its biggest competitor, Ethereum (ETH), in the past few weeks. ADA/ETH has been in a downward trend, printing lower lows and lower highs during this time. Cowen does not believe that there will be a break of this bearish trend any time soon.

The negative trend

Cowen suggested 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, 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%.

In conclusion

ADA’s current market performance suggests a potential continuation of its weakening trend against BTC, ETH, and USD. Investors should monitor these developments closely and consider their investment strategies accordingly.