Into The Cryptoverse creator and well-known cryptocurrency expert Benjamin Cowen has expressed doubts about the future of Cardano’s native coin, ADA. A recent Twitter conversation featured Cowen’s analysis on the price movement of ADA, which suggested that a major drop may be approaching.
According to Cowen, the current ADA-to-Bitcoin (BTC) conversion rate is 900 Sats, which is similar to where it was four years ago. He emphasised that historical evidence indicated that within the next five to six weeks, ADA might have a major decline. Cowen cautions investors of a probable 50% loss in value because he feels the cryptocurrency market might be harsh.
The analyst included a graphic to illustrate his predicted direction for the price movement of ADA relative to Bitcoin in order to explain further on his conclusions. Cowen drew a trend line starting from the bottom of 2018 using the token’s price history. This pattern suggests that ADA may experience a return to price levels last seen in the third quarter of 2019, maybe in the third quarter of 2023.
As an analyst, Cowen emphasises that he primarily assesses altcoin charts in relation to Bitcoin. However, he is dubious of the ADA’s monetary worth as well. He believes that before the year is out, the token’s price may return to its former lows.
Cowen’s research serves as a wake-up call for those who have invested in the cryptocurrency, albeit it is unclear how Cardano can survive this anticipated storm. Investors prepare for possible price swings in the upcoming months as the future of ADA hangs in the balance.
