Benjamin Cowen Cautions on Potential Upcoming Ethereum and Cardano Price Drops

by ChainChirp
0 comment

In a latest YouTube video, Benjamin Cowen, a widely known crypto analyst, shared his ideas on the long run value actions of Ethereum. Cowen advised that the cryptocurrency won’t solely expertise a decrease low however may doubtlessly see its value fall beneath $800. He talked about that whereas the decline won’t be drastic, Ethereum may even contact value factors as little as $600, $500, or $400.

Increasing on Ethereum’s potential value trajectory, Cowen described a state of affairs the place the cryptocurrency may endure a sequence of fluctuations. In response to him, Ethereum would possibly witness intervals of sluggish decline, punctuated by transient spikes in value, and this sample may proceed till the tip of the pre-halving 12 months, leaving each bullish and bearish buyers in a state of monetary disarray. Cowen defined that every faction would possibly really feel they had been right for a portion of the 12 months, solely to seek out out that their predictions had been correct for simply half the time, leading to monetary setbacks for all concerned by the 12 months’s finish.

In a separate video launched late final month, Cowen shifted his focus to Cardano (ADA), one other main cryptocurrency. He warned that Cardano may be coming into a “despair” section, which may considerably lower its value. Drawing parallels with the Nasdaq’s 50% drop, Cowen said {that a} related decline for Cardano, calculated from its then-level of $0.37, may push its value beneath $0.20.

See also  Cardano Use Cases: Cardano Foundation CEO on Real-World Impact and Vision for the Future

Cowen additionally provided different strategies for assessing Cardano’s potential value decline. He indicated {that a} 27% drop from a decrease base may carry Cardano’s value to round $0.16, a degree it final noticed in August 2020. He additional highlighted different vital value ranges for Cardano, such because the $0.11 mark, which was its excessive in 2019, and the pre-pandemic excessive that hovered round $0.07 or $0.08.

Cowen emphasised the unpredictability of the cryptocurrency’s value if it enters a despair section. He cautioned that Cardano may expertise a number of consecutive weeks of value decline, with the potential for transient recoveries which may tempt buyers into taking higher dangers. Particularly, Cowen talked about that Cardano’s value may “pop again up for one more couple of weeks simply to make it so that folks YOLO in a single final time,” underlining the general excessive threat and advising buyers to stay vigilant.

Source link

You may also like

Leave a Comment