The Cardano (ADA) Market Outlook: Diminishing Losses and a Possible Drop in the Bitcoin Pair
- The Cardano (ADA) market has seen reduced losses this year after a turbulent bear market in the previous year.
- ADA price is currently testing last year’s lows and may experience a rebound from a potential double bottom.
- The weekly RSI indicates a rising divergence in relation to the double bottoms.
- However, the Cardano and Bitcoin pair on the macro time frame shows a different scenario.
- Bitcoin’s dominance is increasing against the altcoin market, leading to expectations of further drops in the altcoin BTC pairs in the upcoming weeks.
Analyst Predicts a 50% Drop in Cardano (ADA) Bitcoin Pair
- Crypto analyst Benjamin Cowen predicts that the Cardano market in 2023 will follow a similar pattern as 2019.
- Based on this analysis, the analyst expects the Cardano price to drop further, with the Bitcoin pair potentially losing nearly 50% from current levels.
- Bitboy analysts on YouTube also suggest a 50% drop in the Cardano market, both in USD and Bitcoin derivatives, in the second half of the year.
- However, they note that Cardano’s price could spike to 38-40 cents and Bitcoin could reach this year’s high of around $36k.
- Additionally, the analysts believe that Cardano’s price is unlikely to be significantly affected by news of the US SEC considering it as unregistered securities.
As of the latest market data, Cardano (ADA) has a market capitalization of approximately $9.7 billion and a 24-hour traded volume of around $223 million.
Hot Take: Cardano’s Market Outlook and Potential Challenges
The Cardano (ADA) market has shown signs of improvement this year, with diminishing losses and a possible rebound from a double bottom. However, the outlook for the Cardano and Bitcoin pair is less optimistic, as Bitcoin’s dominance continues to increase and altcoin BTC pairs are expected to drop further. Analysts predict a 50% drop in the Cardano Bitcoin pair, although there is potential for short-term price spikes. Despite regulatory concerns, Cardano’s price is projected to be less affected. It will be interesting to see how Cardano navigates these challenges and whether it can maintain its momentum in the market.