Cardano ($ADA) Faces a 50% Plunge Against Bitcoin Based on Historical Data, Crypto Analyst Suggests - ELEVENEWS
In a sobering analysis, popular cryptocurrency analyst Benjamin Cowen has revealed that he believes the price of Cardano’s native token, $ADA, could see its value drop 50% against that of the flagship...
In a sobering analysis, popular cryptocurrency analyst Benjamin Cowen has revealed that he believes the price of Cardano’s native token, $ADA, could see its value drop 50% against that of the flagship cryptocurrency Bitcoin ($BTC).
On the popular microblogging platform Twitter, Cowen shared his insights into the potential price tracjectory of ADA, pointing to its rate relative to BTC, with the ADA/BTC pair now hovering around the 900 satoshi mark, the same level it was at four years ago.
Drawing from the pair’s historical data, Cowen suggested that ADA could be poised for a precipitous descent within the imminent five to six week window against the flagship cryptocurrency, cautioning investors there’s a possibility of a 50% stumble for the smart contract platform’s native token.
— Benjamin Cowen (@intocryptoverse) June 28, 2023Exactly 4 years ago, #ADA / #BTC was at 900 sats (same as today).
Approximately 5-6 weeks later, it was at 400 sats.
The Altcoin reckoning can be brutal. pic.twitter.com/QwkDyKMFAY
Cowen analyzed the token’s price history and drew a trend line from its lowest point in 2018 to conclude that ADA could drop to the levels it had in the third quarter of 2019, with the possibility of the same drop occurring this year.
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