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ADA 'Surreal' Price Drop Will End in 3-9 Months, Mike Alfred Expects

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Wed, 28/12/2022 - 12:42
ADA 'Surreal' Price Drop Will End in 3-9 Months, Mike Alfred Expects
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Value investor and wealth manager Mike Alfred has shared his take on when the massive price drop of Cardano's ADA and other cryptos in the market is likely to stop, while responding to a tweet by a pseudonymous user calling himself "ADA whale" on Twitter.

"This phase will be over in 3-9 months"

User ADA Whale shared that the price action of crypto in the current bear market was surreal.

He admitted that "inorganic and nefarious activities by certain exchanges" played an important role here, obviously hinting at the collapse of FTX at the start of November. He added that the crypto space is not regulated well enough. Since Friday, Dec. 16, ADA has lost a staggering 16%, dropping from $0.30 to $0.25 at the moment.

It was here that Mike Alfred stepped in. He believes that, at the moment, ADA in particular is coming close to the targets he set 18-24 months ago, even though back at that time they seemed unlikely.

Overall, Alfred reckons that this bearish phase will end within the period of three to nine months.

Alfred says BNB is "outperforming suspiciously"

In another tweet published today, Mike Alfred noted that Binance Coin (BNB) is again "suspiciously outperforming" the crypto market today. He said that is happening despite a rising amount of "proof of fraud and market manipulation" related to this major cryptocurrency exchange.

According to Alfred, Binance and the marketmakers affiliated with it are using users' deposits to support the price of BNB.

Earlier today, BNB added nearly 2% against USDT but has lost nearly all these gains at the time of this writing.

Over the weekend, Binance Coin managed to rise by an astonishing 11.75%, recapturing the level of $252 after dropping to $225. At press time, the token is changing hands at $243.7.

Related

Binance keeps delisting small-cap tokens

Earlier today, news was spread that Binance was removing certain spot trading pairs of small-cap tokens trading against Ethereum and BNB.

Those are ATA/BNB, GLM/ETH, KSM/ETH, LOOM/ETH, REI/ETH, STMX/ETH, STRAX/ETH and TROY/BNB, according to a recent blog post published by the exchange.

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