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Renowned cryptocurrency analyst and the founder of “Into The Cryptoverse,” Benjamin Cowen, has shared a rather eye-opening perspective on Cardano’s native token, ADA, in relation to Bitcoin (BTC). His latest prediction is causing quite a stir in the ADA community, as it suggests significant changes on the horizon.
ADA Price Forecast: A Startling Outlook
Cowen’s prediction revolves around ADA’s price, which has been trading in the range of 800-1,200 Satoshis throughout the summer. In a surprising twist, he anticipates a substantial drop in ADA’s value, with the token potentially plummeting as low as 400 Satoshis in the coming months. What makes this forecast truly noteworthy is that the projected level harks back to 2018 and was last tested in the third quarter of 2019. As such, it represents a crucial support level for ADA.
A Reiteration of Concerns
This isn’t the first time Cowen has expressed concerns about Cardano’s token and the broader cryptocurrency market. Just earlier this month, he hinted at the possibility of a market collapse, citing reduced liquidity as one of the key factors contributing to his apprehensions. Cowen has referred to this potential downturn as a “depression phase,” which he expects to take hold once ADA’s price falls below the $0.24 mark. As of now, ADA is trading at $0.2448.
The Influence of External Factors
According to Cowen, the persistence of this bearish trend may hinge on the transition from quantitative tightening to easing, a change closely tied to the U.S. Federal Reserve’s monetary policy. He suggests that this shift may not take place until approximately the second half of 2024. This outlook leaves Cardano’s community and investors facing the prospect of a potentially prolonged period of uncertainty.
1. What is ADA’s current price?
– As of the latest data, ADA is trading at $0.2448.
2. What is the basis for Benjamin Cowen’s ADA price prediction?
– Cowen’s prediction is based on his analysis of ADA’s historical price patterns and its relationship with Bitcoin. He believes that ADA may experience a significant drop in value in the coming months.
3. When was the last time ADA’s price was at the predicted level of 400 Satoshis?
– The last time ADA’s price was around 400 Satoshis was in 2018, and this level was last tested in the third quarter of 2019.
4. What factors contribute to Cowen’s concerns about the cryptocurrency market?
– Cowen has expressed concerns about reduced liquidity and has mentioned the possibility of a market collapse, which he refers to as a “depression phase.
5. When does Cowen expect a potential change in the cryptocurrency market’s trend?
– Cowen suggests that a shift from quantitative tightening to easing may not occur until around the second half of 2024.
As investors eagerly watch the charts and scrutinize market developments, it remains to be seen whether Benjamin Cowen’s stunning prediction will indeed come to fruition. ADA enthusiasts and investors alike are bracing themselves for what could be a challenging and transformative period ahead.
Please note that the views and predictions expressed by Benjamin Cowen are those of the analyst and should not be considered as financial or investment advice. Cryptocurrency markets are inherently volatile, and investors are encouraged to conduct their research and seek professional guidance when making investment decisions.
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