Cryptocurrency analyst Benjamin Cowen, Cardano (ADA) $0.899825 signaled a possible new decline in price. Cowen noted that the ADA price could continue to remain under pressure if the Federal Reserve does not renew quantitative easing (QE). While ADA is currently trading at $0.89, analyst projections are that the price of ADA may decline further.
Impact of QE on Cryptocurrency Markets
Cowen pointed out that altcoins such as ADA may remain under price pressure unless the Federal Reserve implements its quantitative easing policy. Quantitative easing is known as the strategy of central banks to increase the money supply by purchasing financial assets to provide liquidity to the markets. Cowen commented:
“Federal Reserve Chairman Jerome Powell’s statement ‘There is no QE, the market will follow its own course’ could seriously affect the ADA price. “There is a possibility that the price of ADA may decline to the level of $ 0.357.”
Cowen also said that the Federal Reserve’s policies have created great uncertainty in the cryptocurrency markets and that the ADA has been severely affected by this environment. ADA’s Bitcoin 
$94,029.6 The bull market support band opposite stands out as an important technical indicator of a potential decline.
Technical Indicators Point to Bottom Risk in ADA
Cowen pointed out the critical levels in ADA’s technical analysis. The 20-week simple moving average (SMA) and the 21-week exponential moving average (EMA) support ADA’s current movements. The analyst stated that these indicators support the prediction that the ADA price may drop further.
“ADA had fallen as much as 56% in its last cycle. “If this situation repeats, the price of ADA may fall below $ 0.60,” said Cowen, emphasizing that the long-term recovery of ADA depends on central bank policies.
Although ADA has experienced a short-term recovery recently, it has moved away from the $ 1.21 level it reached on December 2. The technical levels and market conditions determined by analysts for ADA indicate that price movements may follow a horizontal course. Investors are recommended to make strategic decisions by paying attention to these critical levels.
Future movements of the ADA price may continue to fluctuate depending on the Federal Reserve’s policies. As analysts emphasize, carefully monitoring market conditions and carefully managing risks is of critical importance for investors.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
