Crypto analyst and YouTuber Benjamin Cowen’s bearish prediction about Cardano has materialized. The blockchain network’s native token, ADA, dropped 3.75% in the past 24 hours as Bitcoin (BTC) fell below $67,000.
Altcoin Daily posted on X (formerly Twitter) that Cowen had predicted back in August 2023 that ADA would lose dominance against BTC falling to just 400 satoshis. While most dismissed his prediction at the time, but ADA’s nearly 7% crash the past week now lays credence to his bearish outlook.
CoinMarketCap data shows that ADA lost its 10th position in the market and is now the 11th-largest digital asset with a valuation of $11.58 billion, priced at $0.3309. The cryptocurrency’s trading volume jumped 80.38% in the past 24 hours, suggesting that most traders are selling. ADA is also down 89.31% from its all-time high of $3.10 in 2021.
ADA has been one of the worst-performing blue chip tokens, gaining just 13.95% since October 2023. The blockchain network is working to shift towards a more decentralized model with the Chang hard fork and Voltaire upgrade.
ADA Price Analysis
The Relative Strength Index (RSI) for ADA is 40.29, indicating that bears are currently in control of the digital asset’s price action. The altcoin also faces significant resistance at $0.37 and $0.40.
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The RSI indicator suggests a potential short-term spike in buying pressure, which means ADA’s price could increase if buying volume rises. Cardano’s nearest support is between $0.30 and $0.31, a level it last traded below in November 2023.
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