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Cardano Looking Strong, Says Crypto Analyst Benjamin Cowen – Here’s His Latest Forecast

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Crypto analyst and trader Benjamin Cowen says that Cardano looks strong as it continues to stay above key levels amid the continued correction in the broader crypto market.

In a new video, Cowen tells his 444,000 subscribers that a rally to Cardano’s 2021 high of 0.000054 against Bitcoin (ADA/BTC) is in the cards given the pair’s swift bounce after the crypto pullback.

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“We have a long way to go for this cycle, and ADA still looks relatively strong to me. The ADA/BTC valuation is currently at 4,500 satoshis (0.000045). For us to get back up to the local top that we just had a few weeks ago, we would need to go up another 12% or so. For an invariant Bitcoin, that would put the price of ADA at about $1.87 or so.”

On May 19th, Cardano dropped to $1.01 from its all-time high of $2.47, representing a sharp decline of about 60%. At time of writing, Cardano is trading at $1.74, up over 72% from the May 2021 low.

In the mid term, the crypto strategist believes that a more sizable move for Cardano is within the realm of possibility.

“If we were to go to the global top of where ADA was against Bitcoin, that would represent another 95 or 96% move. For an invariant Bitcoin, a 95% move would actually put the valuation of ADA over $3.00.”

While Cowen is long-term bullish on the Ethereum competitor, he cautions traders to prepare for massive pullbacks just like the one ADA experienced on May 19th, especially if Cardano hits his long-term target of $10.00.

“This is probably not the only 60% pullback that ADA will have during this market cycle. I do think that ADA has a really good shot at making it to the $5 to the $10 range this market cycle. Again, especially if we go to $10, the route to a $10 ADA would certainly have some substantial pullbacks along the way.”

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Source: https://dailyhodl.com/2021/06/02/cardano-looking-strong-says-crypto-analyst-benjamin-cowen-heres-his-latest-forecast/

Blockchain

Bitcoin Cash: Is another drawdown likely?

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Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be taken as investment advice

Bitcoin Cash suffered a major setback after its price declined by 80% from its 12 May swing high of $1,642. An additional 50% drop dragged it below its 19 May swing low of $470, but BCH finally cushioned its losses at $390. Broader market relief over the last couple of days pushed BCH north of $470 once again, but the price was still in a sensitive position, at the time of writing.

Bitcoin Cash 4-hour chart

Source: BCH/USD, TradingView

A fall below BCH’s 19 May swing low of $470 had pushed the price towards $390 – A level last seen in late January. Having recovered from monthly lows on the back of broader market recovery, the 4-hour 20-SMA flipped bullish once again but the formation of an up-channel meant that bulls must be wary of another breakdown.

Reasoning

While BCH did break below the key level of $470, the region stole the spotlight once again. The 20-SMA and lower trendline of BCH’s down-channel both clashed with the aforementioned support level. Moreover, the Visible Range’s Point of Control lay at this very mark as interest for BCH was at its peak at $470 over the stated timeframe.

However, a look at BCH’s indicators pointed to some downside over the coming sessions. The Relative Strength Index failed to breach 50 as weakness persisted in the market. The MACD line closed in on the Signal line while its histogram noted receding bullish momentum.

The Stochastic RSI even indicated overbought conditions and headed back towards the neutral zone. If bulls fail to hold on to the press time-support, the price could drop towards its 28 February swing low of $430, where some stability can be expected.

Levels to watch out for 

Entry: $468

Take-profit: $430

Stop-loss: $500

Risk/reward: 1.19x

Conclusion 

Bitcoin Cash’s indicators noted some bearishness in the market and the price can move south from its press time value. This might open up a short opportunity for traders. Entry can be set just below Visible Range’s POC at $469, and take profit at its 28 February swing low of $430.


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Source: https://ambcrypto.com/bitcoin-cash-is-another-drawdown-likely

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Blockchain

Japan: FSA reportedly warns Binance against operating without a license

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Japan is considered by some to be the home of Bitcoin’s founder Satoshi Nakamoto, thanks to the famous pseudonym. Ergo, it is not a surprise that Japan is among the few nations worldwide to accept cryptos with open arms. That being said, regulatory norms in the country, especially those governing crypto-exchanges have been strict, especially on the back of episodes like Mt. Gox.

Now, according to reports, Japan’s financial watchdog has issued Binance a warning for operating in Japan without complying with its regulatory norms. Chinese journalist Colin Wu confirmed the aforementioned development by sharing a copy of the notice the crypto-exchange has allegedly been issued.  

According to the same, Japan’s Financial Services Agency (FSA) has warned the world’s largest crypto-exchange about the license that is mandatory for it to operate in the crypto-space in Japan.

Now, to some, the intensified regulatory scrutiny now poses a concern about a likely fall in demand on the exchange. However, it should be noted that Binance is not a very popular exchange in Japan. Bitbank and bitFlyer are the largest exchanges in terms of users, average daily volume, and investment capital. Accordingly, this development should not impact the crypto-community in Japan much.

In fact, the FSA had already warned Binance once back in 2018. At the time, post the 2018 warning, Bitcoin’s price subjected itself to a fall on the price charts. Again, earlier in February last year, the Malta Financial Services Authority (MFSA) also issued a warning to the exchange with the same allegation that it was not authorized to operate in its country’s crypto-sphere.

At that time, Binance’s execs had made it clear that they intend to closely work with regulatory bodies and comply with rules and regulations in all the places they operate in. That being said, at press time, Binance was yet to issue a statement in response to the aforementioned reports.   

The FSA was also in the news recently for issuing a warning to Bybit a couple of days back.


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Source: https://ambcrypto.com/japan-fsa-reportedly-warns-binance-against-operating-without-a-license

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Blockchain

Why this trend of Bitcoin and Ethereum is ‘completely fine’

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Since Bitcoin has been stealing the limelight with its crazy price movements, Ethereum was somewhat forgotten in the midst of this volatility. And thus, ETH started imitating BTC. Higher highs, lower lows, price spikes, and crashes, all looked a little too similar for both the coins. Why is ETH behaving in such a manner and what is it about to do next?

Surprisingly the answer to Ethereum’s questions can be found in Bitcoin’s movement. And for that very reason, these two cryptocurrencies have established some pretty crucial levels for the next few days.

Bitcoin has a fan!

Given Ethereum’s movement over the last few days, it does appear to be the case that the 2nd-gen coin is closely following the king coin’s price action. In the last 2 weeks alone, both cryptos have noted an unnaturally similar movement. Looking at the movement during the 13 June rally, the gradual decline until 19 June, the consolidation period until 21 June, and the 72 hours of volatility that ensued after, appear all but the same.

Bitcoin 12-day price movement (4-hour chart) | Source: BTC/USD – TradingView

Ethereum 12-day price movement (4-hour chart) | Source: ETH/USD – TradingView

The only difference that separates the two is the on-chain exchange flows which, in the case of Ethereum, have been much lower than expected.

Critical levels to watch put for

Despite these similarities, both coins have different important levels going forward. While BTC might be retesting the $32,000-level (black line) as support, it creates a possibility of a hike from this point. In fact, according to popular analyst DonAlt, if Bitcoin manages to close in the $35,000-range, a rally up to $45,000 can be definitely expected.

Important Bitcoin test levels | Source: Rekt Capital

On the contrary, Ethereum has a few critical ranges where it can shine going forward. Trader and analyst Michael van de Poppe remarked that over the next few trading sessions, ETH must hold within the $1700 – $1900 levels. Should this zone act as support, going forward the coin can potentially test $2300 or even $2600, based on how far it rallies.

Critical Ethereum test levels | Source: Michael van de Poppe

Similarly, well-known trader Nico found that ETH’s movement might not be looking quite strong at the moment. However, moving ahead, if ETH manages to maintain consolidation or engage in price appreciation, then $2200 can be observed as a strength test.

Ethereum strength test level | Source: Nico

Since these test and support targets are yet to sustain themselves, it is important to understand the present price action is not very weak either. As long as all coins manage to keep themselves from falling any further, the market would turn out to be positive. Don’t believe me? Then just listen to what Poppe says,

“Consolidation on the markets, that’s completely fine.”


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Source: https://ambcrypto.com/why-this-trend-of-bitcoin-and-ethereum-is-completely-fine

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