A widely followed crypto analyst identifies the downside price target for smart contract platform Cardano (ADA) if another correction occurs.
In a new video update, crypto strategist Benjamin Cowen tells his 849,000 YouTube subscribers that ADA could fall further if the Federal Reserve does not reinstate quantitative easing (QE).
“There is also a chance [ADA] could go down, especially if it follows what it did last cycle… If it were to go down 56%, that would actually drop below $0.60, which is exactly where it was last time.. .
There’s always the possibility that it will come back [the $0.357 price level]Because [Fed Chair Jerome] Powell just says, ‘No QE, keep playing in the sandbox and the cryptoverse and we’ll give you QE sometime later.’ There’s a chance that could happen.”
Quantitative easing is when a government’s central bank purchases financial assets to increase the money supply and stimulate economic activity.
Cowen further states that ADA’s technical indicators, such as the 20-week simple moving average (SMA) and 21-week exponential moving average (EMA), are consistent with the theory that the crypto…
