Benjamin Cowen, the renowned crypto analyst and founder of ‘Into The Cryptoverse’, has expressed concern about the future of Cardano’s native token, or ADA for short.
Possible downward trends
Through a recent Twitter thread Cowen has shared his perspective on the price trend of ADA, pointing to potential downside trends that could emerge in the near future.
Benjamin Cowen expanded on his findings and presented a chart illustrating his prediction on the price movement of ADA against Bitcoin. Based on the token’s historical price data, Cowen has drawn a trendline from its 2018 low. Following this pattern, there is a risk that ADA will revisit price levels last seen in the third quarter of 2019, possibly in the same quarter of 2023 .
While Cowen primarily focuses on altcoin charts in relation to Bitcoin, he also expresses skepticism about the value of ADA in dollars. He expects the price of the token to reach its previous lows by the end of the year.
It is still uncertain how Cardano will weather this predicted challenge and certainly not in any form of trading advice, but Cowen’s analysis, he says, serves as a warning to those who have invested in the altcoin. We’ll find out in the coming months whether Cowen’s analysis will play out or not.