Crypto Analyst Suggests Cardano ($ADA) Could Experience 50% Decline Against Bitcoin in Light of Historical Trends

By Lola Coin Jun 28, 202369Views

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Cryptocurrency analyst Benjamin Cowen has warned that the price of Cardano’s native token, ADA, could drop by 50% compared to Bitcoin. Cowen analyzed the historical data of ADA’s price relative to BTC and noted that it is currently at the same level it was four years ago. He suggested that ADA may experience a significant decline in the next five to six weeks, potentially reaching the levels it had in the third quarter of 2019. Cowen also expressed doubts about ADA’s value compared to the US dollar, expecting it to reach new lows by the end of the year. Despite underperforming, Cardano’s trading volume, active addresses, and social dominance have recently reached yearly highs. Additionally, popular trading platform Robinhood is reconsidering its support for multiple cryptocurrencies, including ADA, due to regulatory concerns.

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