There are warnings for two altcoins in the cryptocurrency world. Renowned crypto analyst Benjamin Cowen voices his concerns about the future of Cardano’s native token, ADA. Accordingly, it draws attention to the potential drop in price. Meanwhile, Dogecoin’s long-term outlook looks weak. Also, key support levels are being tested. Now let’s examine the details of these developments and their implications for investors.
Altcoin Cardano (ADA) faces potential drop, analyst warns
According to Benjamin Cowen, ADA’s current rate of 900 satoshis against Bitcoin presents a different situation. It raises concerns, as it resembles a level seen four years ago. Based on historical data, Cowen predicts a significant drop in ADA over the next five to six weeks. It also warns investors of a potential 50% drop.
The analysis of altcoin ADA, accompanied by a chart showing the predicted price action against Bitcoin, shows that it will return to price levels last observed in 2019. Cowen’s skepticism extends to the dollar value of the ADA. On the other hand, it points to the possibility of a return to previous lows by the end of the year.
Dogecoin’s long-term outlook uncertain as key support level is tested
The price of altcoin Dogecoin has experienced short-term bounces. However, the long-term perspective reveals significant weaknesses. The price is currently hovering above a crucial horizontal support level that it must hold to prevent a major drop.
Technical analysis on the weekly time frame highlights the importance of this support area, which has been in place for 378 days. The reaction to this level will play a crucial role in determining the future trend of Dogecoin.
Decisive moment for altcoin Dogecoin’s price action
On the daily timeframe, Dogecoin’s outlook is less steadily bearish due to recent price movements. The price broke out of a descending resistance line and retraced the $0.065 horizontal support area. Confirmation of this area as support will be critical in shaping the future trend.
A bounce would take altcoin DOGE to the $0.08 0.5 Fib retracement resistance level. It could also push towards the long-term resistance line. Conversely, a breakout from the $0.060 horizontal area could potentially lead to a drop with a target of $0.050. Investors are closely following developments in Cardano’s ADA and Dogecoin. cryptocoin.com When we look at it as a whole, the future of these cryptocurrencies remains uncertain. Cowen’s warning about the potential decline of ADA is significant. The key support test for Dogecoin underlines the need for investors to be vigilant and vigilant when navigating these volatile markets.
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