Benjamin Cowen, a cryptocurrency analyst, announced his predictions for Cardano (ADA), one of the largest altcoins by market cap. Cowen presented some price targets for ADA in case the bearish in the cryptocurrency market intensifies. Here are the details…
Cowen cites bearish prospects for Cardano (ADA)
In a new video, Cowen told 743,000 YouTube subscribers that he was looking at Cardano against Bitcoin (ADA/BTC pair) and that the pair had a strong bearish. He said he was in the middle of the trend. According to Cowen, more than half of Cardano’s value could be lost if the ADA/BTC pair revisits the 2018 bear market low of 0.0000085 BTC, or $0.25. In general, Cowen said, “we know we are in a bear market and altcoins are absolutely ruined in a bear market.” He said that the parity of altcoins with BTC deteriorated in this market and could also deteriorate in the bull market, and used the following expressions:
In ADA/BTC valuation, if we go down to the bottom of the valuations that Bitcoin reached in the bear market, there would be no other changes in the ADA valuation. you will face a 55 percent drop. A 55 percent drop from ADA’s current price would set ADA around $0.25. That means another 50 percent correction.
Analyst: Don’t say it can’t be
The analyst says to those who oppose this analysis, “don’t tell me this can’t happen” and points out that he has personally experienced the last bear market. He even says that he started buying ADA at $0.10 in this bear market, he felt smart, but then ADA dropped 80 percent. “People forget how cruel these things can be,” he adds.
Meanwhile, as we reported on Kriptokoin.com, the IOHK behind the Cardano project announced that Project Catalyst Fund9 will launch on June 1st. The upcoming Project Catalyst Fund9 will be distributed to more than 1,000 proposals with $16 million in ADA already earmarked for grants and ecosystem awards. Project Catalyst is a collaborative effort between the Cardano community and Cardano’s parent company, IOHK, to promote Cardano network development. The community presents challenges on various Cardano-related projects with each funding round.
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