Here’s a Realistic Cardano (ADA) Forecast if Crypto Bear Market Continues, According to Analyst Benjamin Cowen
Widely followed crypto analyst Benjamin Cowen is offering up some price targets for Cardano (ADA) should the bear market for digital assets intensify.
In a new strategy session, Cowen tells his 743,000 YouTube subscribers that he’s looking at Cardano against Bitcoin (ADA/BTC) and says the pair is in the midst of a strong downtrend.
According to Cowen, he sees Cardano losing 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. A 55% drop from the current price of ADA would put ADA at around $0.25 or so. So another 50% correction.
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 time of writing, ADA is trading at $0.52, down over 82% from its all-time highs of around $3.
I
Check Price Action
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Design Projects/Mingirov Yuriy
The post Here’s a Realistic Cardano (ADA) Forecast if Crypto Bear Market Continues, According to Analyst Benjamin Cowen appeared first on The Daily Hodl.
Go to Source
Author: Daily Hodl Staff
