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.
The analyst pointed out that while he mainly looks at altcoin charts relative to Bitcoin., he also doubts ADA’s value will hold up when compared to the U.S. dollar, expecting it to hit new lows by the end of the year.
As CryptoGlobe reported, Cardano was recently approved for trading as a commodity in Indonesia, the world’s fourth most populous country. The development is notable, as ADA was classified as a security by the U.S. Securities and Exchange Commission (SEC) in its lawsuits against leading exchanges Binance and Coinbase.
As CryptoGlobe reported, while Cardano has been underperforming, the cryptocurrency’s trading volume, active addresses, and social dominance have all recently reached yearly highs.
Notably, popular commission-free trading platform Robinhood is rethinking its support for multiple cryptocurrencies, according to the firm’s Chief Legal Officer Dan Gallagher, in light of the SEC’s crackdown on crypto exchanges. These include ADA, among others.
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