Famous crypto analyst and founder of Into The Cryptoverse, Benjamin Cowen, shared his latest views on the potential future of Cardano (ADA) and its native asset ADA against Bitcoin (BTC). Cowen’s prediction is likely to scare ADA investors. Here are the details of Cowen’s alarming ADA forecast and his overall market analysis.
Experienced crypto analyst Benjamin Cowen warned that ADA, which traded in the range of 800 to 1,200 Satoshi during the summer, is ready for a significant drop to 400 Satoshi in the coming months.
What is remarkable about Cowen’s prediction is that the expected level dates back to 2018, and the 400 Satoshi level was last tested in the third quarter of 2019. This makes 400 Satoshi a crucial support level for ADA.
Cowen referred to this potential drop as a “depression phase” expected to occur when ADA’s price falls below $0.24. Currently, ADA is trading at $0.2448, approaching the depression phase zone pointed out by the analyst.
Analyst Benjamin Cowen has expressed concerns about Cardano’s native asset ADA and the overall cryptocurrency market in relation to the decrease in liquidity. He previously highlighted this as a key factor that could indicate a potential collapse.
According to Cowen, the potential downward trend in the market could continue until the US Federal Reserve transitions from quantitative tightening to easing its monetary policy. Furthermore, the analyst warned that this transition may not occur until the second half of 2024, urging cryptocurrency investors, especially ADA investors, to be prepared for a long period of uncertainty.
As investors eagerly watch price charts, it will be interesting to see if Cowen’s striking prediction, especially for ADA, comes true.