Crypto Analyst Benjamin Cowen Raises Concerns About Cardano’s Potential Price Decline

One sentence summary – Crypto analyst Benjamin Cowen has expressed concerns about Cardano (ADA) potentially entering a “depression” phase, drawing parallels between ADA’s current situation and the trends observed in the Nasdaq during 2002-2003, suggesting that ADA’s price trajectory may follow a similar pattern and potentially drop to levels below $0.20, $0.17, $0.12, or even as low as $0.07, while acknowledging the uncertainty surrounding the extent of the price decline and advising traders and investors to exercise caution and conduct their own research.

At a glance

  • Renowned crypto analyst Benjamin Cowen expresses concerns about Cardano potentially entering a “depression” phase.
  • Cowen draws parallels between ADA’s current situation and the trends observed in the Nasdaq during 2002-2003.
  • Cowen predicts a potential substantial price drop for ADA, speculating it could plummet to levels below $0.20, $0.17, $0.12, or even as low as $0.07.
  • Cowen highlights crucial support levels for ADA, including $0.11, ADA’s high point in 2019, and the possibility of revisiting its pre-pandemic high of $0.07 or $0.08.
  • Cowen acknowledges the uncertainty surrounding the extent of the price decline and advises caution and further research before making any decisions regarding ADA or any other cryptocurrency.

The details

Renowned crypto analyst Benjamin Cowen has recently voiced concerns about Cardano (ADA) potentially entering a “depression” phase.

Cowen’s analysis draws parallels between ADA’s current situation and the trends observed in the Nasdaq during 2002-2003.

He suggests that ADA’s price trajectory may follow a similar pattern to that of the Nasdaq during this period.

Price Drop Speculations

One of the key points Cowen raises is the potential for a substantial price drop for ADA.

This prediction comes after ADA was rejected from the 50-week moving average.

Cowen speculates that ADA’s price could potentially plummet to levels below $0.20, $0.17, $0.12, or even as low as $0.07.

Crucial Support Levels

In addition to price drop speculations, Cowen also highlights crucial support levels for ADA.

He mentions the significance of $0.11, which represents ADA’s high point in 2019.

Furthermore, Cowen suggests that ADA could potentially revisit its pre-pandemic high of $0.07 or $0.08.

Despite raising concerns about a potential “depression” phase for ADA, Cowen acknowledges the uncertainty surrounding the extent of the price decline.

The recent weeks marked by a series of red candles might indicate the beginning of this phase.

However, the exact level to which ADA’s price may drop remains uncertain.

It is important to note that the above analysis is based on Cowen’s insights and comparisons to historical trends.

As with any market analysis, future outcomes cannot be predicted with absolute certainty.

Traders and investors are advised to exercise caution and conduct their own research before making any decisions regarding ADA or any other cryptocurrency.

This brief is a summary of the facts and viewpoints presented by Benjamin Cowen.

It does not represent the opinion of this news outlet.

Article X-ray

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– Crypto analyst Benjamin Cowen suggests that Cardano (ADA) may be entering a “depression” phase.
– Cowen compares ADA’s potential price drop to the trends of the Nasdaq in 2002-2003.
He mentions that ADA could experience a significant price drop after being rejected from the 50-week moving average.
– Cowen speculates that ADA could drop to levels below $0.20, $0.17, $0.12, or even $0.07.
He highlights important levels such as $0.11 (2019 high) and $0.07 or $0.08 (pre-pandemic high).
– Cowen admits uncertainty about how low ADA’s price could go during the depression phase.
He suggests that the recent red weeks may indicate the beginning of the depression phase.

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