Cardano!
ADA troubles
- Come on. - Huh?
Cardano set to be delisted on Huobi.
Will it dent the ADA price?
Yet another thing is delisting Cardano here.
Consequently, it's been directly affected by the recent scrutiny imposed by the SEC.
Despite the recent news of trading pairs being delisted,
the market response has been relatively subdued.
Looks like it reflected a decline of 1.8% in the past 24 hours.
That was roughly wherever it was when we just checked about a half hour ago.
But it's worth noting that the price movement cannot solely be attributed to the delisting.
Moving on. Investors and traders have shown confidence
in its ability to withstand challenges and maintain its value,
even in the face of negative developments.
Removes this as part of their strategic decision here.
However, it is important to note that trading ADA with USDT and Bitcoin will remain unaffected.
So it looks like they just removed various trading pairs.
Cardano price to crash 50% says Benjamin Cowen.
Ben
That's one guy I don't want to say is wrong.
Because if you--
- have you ever watched Ben Cowen's videos? - Yeah, I'd see him from time to time.
Anybody who creates their own math equations,
and you're like,
"Is this an Egyptian hieroglyphic? What am I looking at here?"
- Right. - Yeah. Not I'm saying, you know, like,
he can plug in data into an existing equation.
No, he makes his own equations.
So I'm like, well, clearly, you know,
I think he has a math degree,
masters in math, if I'm not mistaken.
I can't remember.
So, like, I am hesitant to just say he's wrong.
"You're wrong, Ben! You're wrong!"
- Benjamin Cowen, that is. - Yeah.
But maybe, maybe I feel like he is.
- Let's see what the heck this man is thinking here. - I don't know.
I want to see what he says here, but I think, I think I read this article.
- I think I'm in agreement here. - I might have--
- but I don't want to see it. - I might have to watch this video.
- Yeah. - Alright.
In a recent-- oh, no, this is a Twitter thread.
He shared his perspective on price action,
I'm definitely going to check out this tweet thread,
indicating a potential downturn on the horizon.
According to him,
okay, so he's looking at the ADA-Bitcoin exchange rate,
and currently it is 900 sats,
a level reminiscent of four years ago.
He pointed out that historical data suggests that ADA could experience a significant drop
within the next five to six weeks.
He believes that the altcoin market can be unforgiving,
warning investors of a potential 50% decline.
It is important to note he's not saying a 50% decline in price,
which is important to note.
A 50% decline in the BTC trading pair.
Now, I'm more apt to say is very possible.
50% decline in price would be no way I see that.
But this would mean, you know,
hey, Bitcoin could go up in price,
Cardano could go down in price,
and you're going to see the, you know, we start getting closer to his numbers.
He emphasizes that, as an analyst,
he primarily evaluates altcoin charts in relation to Bitcoin.
However, his skepticism extends to ADA's value in dollars as well.
He anticipates that its price may revisit its previous lows
before the year comes to a close.
Where were we on the previous lows?
Let's look right now.
We're going to go to CoinGecko's main site.
We're going to go down to 6th coin--
sorry.
8th coin.
What an idiot. He doesn't even know the market cap number.
And then we're going to just hit the 1-year just to see, you know,
large downward price action.
Okay. So we have the December FTX collapse.
Actually, I want to--
wow, it was relatively strong in June.
So June was Terra LUNA.
Yeah. So we're looking at June.
Yeah, June. June was fine.
June was fine.
So we need to look at the December lows.
That's the FTX lows, not the Celsius, Terra LUNA lows.
The Terra LUNA lows was an all-time low for ETH post its high.
Not so for Cardano.
So, okay.
- 247-- I mean, we scam wicked down to 21. - It depends on the exchange you're looking at.
- Say what? - There are certain exchanges
- that, here in June, hit 21¢. - Yeah, yeah. That's a-- it just got down--
yeah, we scam wicked down to 21.
So I--
I don't know. I don't know.
I'd have to see the BTC-ADA trading pair though.
So the 800 Satoshis doesn't really mean too much to me
because I don't have like the Satoshi numbers memorized like that in my head.
So I'd have to check it out.
- I'd have to check it out. - So here's the thing.
If he's talking about 50% dominance on the ADA--
the 50% down in the ADA over Bitcoin chart,
I get you there.
What I'm saying is he--
he's not even necessarily against it that it could drop 50% in price action.
Hitting--
even if you don't count the scam wick,
coming back down close to just right above the previous low,
- guys, there's going to be another dip again. - Yeah.
Even for Bitcoin.
I have a--
Investing Bros community knows this.
I have a box on my chart between 18¢ and 14¢.
Guess what the price is right now.
27 and a half?
Let's just go ahead and round up a little bit.
- It's been hovering around 30¢ recently. - Yeah, it's 18¢ with a 50%--
or a 50% pump on 18 would lead you to 27¢.
What I'm looking at right now, I mean, piecing my thoughts,
I still think 36 is an interesting zone to look for a top for Bitcoin
in this pre-bull market rally, as what I call it.
I think you see Cardano maybe get back up to 38¢, 40¢.
50% dip's 19¢, 20¢.
That's right above my zone.
Could go a little deeper.
Down to 18.
I don't even think a 50% dip on Cardano is out of the question.
And that doesn't kill it.
- Doesn't kill the long-term prediction - Yeah.
of a $7 to $12 Cardano at the end of the bull market.
It just means a juicier spot to buy.