Highly regarded cryptocurrency analyst Benjamin Cowen, founder of Into The Cryptoverse, has recently predicted a significant price drop for ‘s native token (ADA) in relation to (BTC). As of Friday, Cowen anticipates ADA, which traded between 800-1,200 Satoshi throughout the summer, to potentially fall to a low of 400 Satoshi in the coming months. This forecasted price level is reminiscent of figures last seen in the third quarter of 2019 and even harks back to 2018, marking it as a critical support level for ADA.

Earlier this month, Cowen expressed concerns about ADA and the broader cryptocurrency market. He hinted at a possible market downturn, identifying decreased liquidity as a primary contributing factor. He labeled this potential dip as a “depression phase,” projected to begin once ADA’s price falls below $0.24. At present, ADA’s trading value stands at $0.2448.

According to Cowen, this bearish trend may persist until there is a shift from quantitative tightening to easing, in sync with potential changes in the U.S. Federal Reserve’s policy. However, he cautions that this shift might not occur until approximately the latter half of 2024.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.




Source link

Best Brokers

Unmatched trading fees, generous bonuses, top notch Regulation Frame.

T&Cs Apply

Risk disclosure: All investments involve a degree of risk of some kind. Trading financial derivative products comes with a high risk of losing money rapidly due to leverage.

Top-Tier Regulations. Unmatched Spreads and Commissions. Trading View is available.

T&Cs Apply

Financial Spread Trades and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 84.7% of retail investor accounts lose money when trading CFDs with this provider.

Modern and Intuitive Interfaces, Solid Regulatory Frame, and excellent Trading Fees.

T&Cs Apply
Risk warning: Trading derivatives is highly speculative, carries an inherent risk of loss and is not suitable for all investors. Before trading, you are strongly advised to read and ensure that you understand the relevant risk disclosures and warnings.

Highly Regulated. Low Spreads and Commissions. Vast Account Options.

T&Cs Apply

Risk Warning: Trading derivatives carries significant risks. It is not suitable for all investors and if you are a professional client, you could lose substantially more than your initial investment.