In style crypto analyst Benjamin Cowen says there’s a “actual danger” Cardano (ADA) might drop considerably additional.
In a brand new YouTube video, Cowen tells his 778,000 subscribers that the Ethereum (ETH) rival’s bear-market resistance band continues to supply resistance that ADA will get rejected from.
The analyst additionally says Cardano has but to plunge so far as it did throughout its first bear market.
“The purpose that I’m attempting to make right here is that Ethereum in its first cycle, in its first main bear market, dropped round 95%, proper? However ADA in its first bear market dropped virtually 99%, proper? It was like 98.75%. If ADA, say, does have diminishing losses or one thing on this bear market, and say as an alternative of dropping 98%, you understand let’s say it’s one cycle behind Ethereum, let’s suppose it drops 94% or 95%.
A 95% drop from the all-time excessive would put ADA between 10 and 20 cents, proper? That’s the place it could in the end put it.”
Cowen says ADA might type a backside between $0.10-$0.20 “someday in 2023.”
Cardano is buying and selling at $0.31 at time of writing. The ninth-ranked crypto asset by market cap is up greater than 4% up to now 24 hours. It stays almost 90% down from its all-time excessive of $3.09, which it hit in September 2021.
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