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Cardano (ADA) Will Be Lucky to Drop Only 30% Against Bitcoin (BTC): Top Crypto Analyst Benjamin Cowen

Thu, 03/30/2023 - 09:11
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Gamza Khanzadaev
Cardano (ADA) programmed to lose 69% against Bitcoin (BTC), thinks Benjamin Cowen
Cardano (ADA) Will Be Lucky to Drop Only 30% Against Bitcoin (BTC): Top Crypto Analyst Benjamin Cowen
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Renowned crypto analyst and founder of Into The Cryptoverse, Benjamin Cowen, has shared his perspective on the price behavior of altcoins relative to Bitcoin (BTC), and in particular Cardano's native token, ADA.

Cardano (ADA) Becoming Independent Asset, Shows On-Chain Data

Cardano (ADA) v. Bitcoin (BTC)

According to Cowen's analysis, ADA, having already lost 78.8% of its high against BTC, will continue to fall toward the lower end of dynamic support, which signifies a price of 800 SATS per ADA. This level, according to Cowen's outlook, dates back to 2018. It was then tested in the third quarter of 2019 and now, according to the price action, ADA is set to fall back toward it.

Source: Benjamin Cowen's Twitter

However, the analyst notes, finding a bottom against Bitcoin at this point would be a stroke of luck for the Cardano token. It is possible that the final support could be at 400 SATS per ADA, which represents a drop of another 69% from current values, Cowen concludes.

Survivorship bias

The analyst sees a similar picture for the other altcoins. They will all bleed against BTC for months to come, he says. Cowen says he has seen this happen before, when one's altcoins are down 90-95% against Bitcoin, and before you know it, you will think they are "holding up pretty well" the whole time.

Bitcoin Surges Toward $30,000 as Market Momentum Builds

Many such coins become relics of past cycles and do not rally in future ones as no one cares about them anymore, says the analyst.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.