Popular cryptocurrency analyst Benjamin Cowen says there is a “real risk” that Cardano (ADA) could fall even more significantly.
In a new YouTube video, Cowen tells his 778,000 subscribers that Ethereum (ETH) rival bear market resistance bands continue to offer resistance that ADA will reject.
Analysts also say Cardano has not plummeted as much as it did during the initial bear market.
“What I mean here is that Ethereum fell about 95% in the first cycle, the first major bear market, right? But ADA fell almost 99% in the first bear market. It was around 98.75% for example let’s say in this bear market there was a decrease in ada losses or something and instead of going down 98% it was one cycle behind Ethereum, if it went down 94% or 95% To do.
A 95% drop from all-time highs would put ADA at 10-20 cents, right? That’s where it finally puts it. ”
Cowen said ADA could bottom out between $0.10 and $0.20 “in 2023.”
Cardano is trading at $0.31 at the time of writing. His ninth-ranked crypto asset by market capitalization is up more than 4% in the last 24 hours. It remains down nearly 90% from his all-time high of $3.09 set in September 2021.
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