Benjamin Cowen, the CEO and Founder of ITC Crypto, has made a striking prediction about the future of the popular cryptocurrency, Cardano ($ADA). Cowen suggests that ADA is poised to enter a depressive phase in the near future.
He also emphasized that this impending drop is not unique to the crypto world but rather a consequence of aggressive liquidity withdrawal. He remains optimistic about the long-term prospects of ADA and the broader altcoin market, expressing confidence that liquidity will eventually make a triumphant return.
Cowen’s prediction has created quite a buzz within the cryptocurrency community. Numerous enthusiasts are closely monitoring ADA’s price movements, eagerly anticipating this potential shift.
Cryptocurrency markets are well-known for their volatility. However, Cowen’s insights have added an intriguing element to the ongoing narrative surrounding Cardano and its journey in the crypto landscape.
Cardano (ADA) Sees Minor Decline
Cardano (ADA) is currently trading at $0.255404, accompanied by a 24-hour trading volume of $150 million. However, the coin has witnessed a slight dip of 0.77% within the past 24 hours.
As of now, Cardano holds the 7th position in CoinMarketCap’s rankings, boasting a market capitalization of $8,959,067,459 USD. The circulating supply of ADA coins stands at 35,077,976,490, with a maximum supply capped at 45,000,000,000 ADA coins.
According to the short term price prediction provided by Coincodex, Cardano is expected to experience a modest upswing of approximately 1.88% in its value, reaching an estimated price of $0.260695 by September 6, 2023.
However, the current sentiment in the Cardano market is leaning towards a bearish outlook. The Fear & Greed Index for ADA currently stands at 39, indicating that fear prevails among investors.
In recent weeks, Cardano has demonstrated a mixed performance, with 13 out of the last 30 days marked as green, signifying positive price movements. Over this period, the coin has experienced a price volatility of 5.41%, highlighting fluctuations in its market value.
While the timing and magnitude of market movements remain uncertain, Cowen’s forecast highlights the importance of understanding the intricate dynamics that drive cryptocurrency price fluctuations and the potential for recovery in the altcoin market.
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