Cardano (ADA) Likely Entering ‘The Depression Phase’, According to Analyst Benjamin Cowen
A popular crypto analyst, Benjamin Cowen, suggests that Cardano (ADA) is entering a “depression” phase that could result in a significant price decline. Cowen predicts that ADA, a competitor to Ethereum (ETH), will experience a deeper correction period and reach its bear market bottom at much lower prices.
Key points from Cowen’s analysis:
– ADA’s price could drop below $0.20, representing a 49% to 50% decrease from its current level of $0.37.
– Another potential drop could be a 27% decrease to $0.16, which is an important level ADA reached in August 2020.
– Cowen mentions possible bottom levels for ADA at $0.17, $0.12, or even as low as $0.07.
– He acknowledges that he cannot accurately predict how low ADA’s price may go during the depression phase.
Cowen advises caution and suggests that investors consider whether ADA is entering the depression phase, especially after several consecutive red weeks. He believes that there is a real risk for ADA’s price decline and encourages readers to be aware of this possibility.
Hot Take
According to crypto analyst Benjamin Cowen, Cardano (ADA) may be entering a depression phase, which could result in a significant price drop. This analysis raises concerns about ADA’s future performance and suggests that investors should be cautious. It remains to be seen how accurate these predictions will be, but it’s essential for crypto readers to keep an eye on ADA’s price and market trends.
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