The crypto market still struggles to recover following the latest crash. Check out the latest prediciton involving Cardano (ADA).
Accoridng to the popular crypto analyst Benjamin Cowen, there are new targets for Cardano (ADA) should the bear market for digital assets intensify.
Cardano new forecast
In a new strategy session, Cowen explained to his subscribers that he’s looking at Cardano against Bitcoin (ADA/BTC) and says the pair is in the midst of a strong downtrend.
He also said that Cardano (ADA) will lose more than half of its value if the ADA/BTC pair revisits its 2018 bear market low of 0.0000085 BTC or $0.25.
“Look, we’re in a bear market. We know that altcoins get absolutely wrecked in a bear market. We know that the Bitcoin valuation of these altcoins get wrecked in a bear market, and they can also get wrecked in a bull market. If we go down to the bottom of the valuations that Bitcoin hit in the bear market in the ADA/BTC valuation, you’d be looking at another 55% drop in the valuation of ADA.”
He believes that A 55% drop from the current price of ADA would put ADA at around $0.25 or so. “So another 50% correction,” he says.
He also stated the following:
“Don’t tell me it can’t happen. I lived through [the last bear market] and I even started buying ADA at $0.10, and I thought I was smart and then it dropped 80%. You might look at it and say ‘$0.10 ADA, why are you complaining?’ It didn’t really feel smart at the time because it dropped 80%. People forget how brutal these things can be.”
At the moment of writing this article, ADA is trading in the green and the coin is priced at $0.53.
Not too long ago, we revealed that the crypto analyst Michaël van de Poppe says that Cardano (ADA), Chainlink (LINK) are offering some of the most attractive risk-reward ratios as the crypto markets continue to correct.
In a new strategy session, Michaël van de Poppe said that Cardano‘s area of interest is somewhere in the $0.70 range, with the potential for rallying to his target above $1.00.