The post Cardano (ADA) Price Bearish Market Trajectory Expected to Continue For 5 More Months appeared first on Coinpedia Fintech News
Renowned crypto analyst Benjamin Cowen suggests that Cardano (ADA) may continue its bearish market trajectory for an additional five months before reaching a potential bottom. Cowen predicts that Cardano’s bear market will persist throughout 2023. His outlook is based on drawing parallels from previous market cycles.
According to Cowen, closely monitoring the ADA/BTC pair is crucial for gaining insights into the potential bottom of Cardano. He believes that if the pair approaches the 0.000004 BTC ($0.11) mark and manages to sustain that level, it might signify a turning point for Cardano.
However, accurately predicting market bottoms is challenging, and Cowen emphasizes the importance of evaluating ADA’s valuation against Bitcoin. If Cardano can maintain its lows, including potential future lows like reaching 400 satoshis (0.000004 BTC), it may begin to justify a positive outlook. At present, Cowen finds it somewhat challenging to find strong justifications for ADA’s performance.
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Cowen also notes that while Cardano may experience temporary rebounds against the USD pair if Bitcoin rallies, the risk-adjusted returns may not be as favorable as simply holding Bitcoin during this phase of the market cycle. Currently, Cardano is trading at $0.26, showcasing a downtrend since its all-time high of $3.09 in August 2021. The ADA/BTC pair is currently valued at 0.0000099 BTC ($0.26).
Read More The post Cardano (ADA) Price Bearish Market Trajectory Expected to Continue For 5 More Months appeared first on Coinpedia Fintech News
Renowned crypto analyst Benjamin Cowen suggests that Cardano (ADA) may continue its bearish market trajectory for an additional five months before reaching a potential bottom. Cowen predicts that Cardano’s bear market will persist throughout 2023. His outlook is based on drawing parallels from previous market cycles. According to Cowen, closely monitoring the ADA/BTC pair is …
