Famous crypto analyst Benjamin Cowen shared a post on his social media account. Cowen expressed his views on Cardano (ADA), the controversial altcoin of recent years.
Expressing his expectations for ADA through the X account, the analyst predicted a long-term “depression” for the altcoin unit. Cowen expects the cryptocurrency to lose further value after Cardano price falls below the $0.24 level. The analyst stated that this movement may continue in 2024.
The depression phase for $ADA begins below $0.24.
The depression phrase will likely last until QE returns, probably sometime in 2024. https://t.co/mOvrwfhSv2
— Benjamin Cowen (@intocryptoverse) September 10, 2023
The altcoin analyst, respected by cryptocurrency investors, explained his argument with a breakdown of a support level. According to Cowen’s calculations, the period in which ADA will remain at the bottom will continue until mid-2024. Benjamin Cowen expects the price to rise again after a while.
The famous analyst shared a warning for Cardano investors on the first day of September.
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