Analyst Announces Cardano (ADA) Forecast

Popular crypto analyst Benjamin Cowen expressed his concerns about the future of Cardano’s native token, ADA. Cowen pointed to a potential bearish on the horizon regarding ADA’s price action.

According to Cowen, the ADA-Bitcoin pair is reminiscent of four years ago. Cowen pointed out that historical data shows that the ADA may experience a significant decline in the next five to six weeks. Cowen believes the altcoin market can be brutal and warns investors of a potential 50% drop.

The analyst further detailed his findings by presenting a chart showing the predicted direction of ADA’s price action against Bitcoin. Drawing from his ADA price history, Cowen identified a trendline starting from the bottom of 2018. ADA risks reconsidering price levels last seen in the third quarter of 2019 and potentially occurring in the same quarter of 2023. Cowen predicts that the token price may return to its previous lows before the year closes.

At the time of writing, Cardano was $0.275741 USD, while 24-hour trading volume was $228,190,100 USD. Cardano’s current CoinMarketCap rank is #7, with a market cap of $9,634,676,417 USD.