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Crypto investors’ favorite analyst, Benjamin Cowen, predicts that Cardano‘s ADA is facing a bleak future that will worry investors.
Warning of a “Depression Phase” for Cardano’s ADA
Cowen recently shared his prediction on his personal X account, stating that Cardano’s ADA will experience a prolonged “depression phase.” The analyst expects downward movements to start when ADA’s price drops below $0.24. Cowen predicts that this depression phase will continue until Quantitative Easing (QE) takes place, which he estimates will not happen until 2024.
Renowned crypto analyst Cowen, known for his accurate predictions in the crypto world, presented a comprehensive analysis supported by an explanatory graph. According to his calculations, Cardano’s depression phase could last for approximately nine months until the summer of 2024. Furthermore, the analyst expects the bottom of the depression phase to be around $0.125. This represents a decrease of over 50% for ADA at the current prices.
Not Cowen’s First Warning for ADA
This is not Cowen’s first alarm for ADA. In early September, the analyst implied that a significant drop was imminent for ADA and claimed that the trigger would not be a general market downturn but an aggressive withdrawal of liquidity from altcoins. However, Cowen also emphasized that liquidity would eventually return and revive the altcoin market, providing a glimmer of hope.
According to CoinMarketCap data, Cardano’s ADA is currently trading just below $0.25, at $0.246, at the time of writing this article. Cowen’s prediction indicates that the leading altcoin is in the early stages of the depression phase.
ADA investors closely monitor the price performance of ADA, hoping for signs of improvement. However, Cowen’s warning, coming from an experienced figure, has sparked discussions and concerns.
