Benjamin Cowen, a well-known cryptocurrency analyst known for his astute insights inside the sector, offers Cardano (ADA) holders an important guidance by providing a complete study of what to expect in 2023. The present situation of ADA has been revealed by Cowen in an enlightening disclosure that sheds insight on the potential future course of this well-known cryptocurrency.
According to the estimate, a $100 investment in Cardano token made at any point in 2023 would currently only be worth $2,305, representing a significant loss of 25.64%. According to Cowen’s analysis, this decreasing trend follows patterns exhibited in prior years before to the halving, showing that ADA’s journey is not singular but rather in line with more general altcoin tendencies.
https://x.com/intocryptoverse/status/1703909914379276646?s=20
Cowen expects a prolonged downturn for the token, which means the projection for ADA will continue. This phase is anticipated to begin if the price of ADA falls below $0.24 and is likely to last until the implementation of quantitative easing in line with U.S. Fed policy, which Cowen predicts won’t happen until sometime in the summer of 2024.
This is not the first time the analyst has raised the red flag regarding ADA. He hinted at a forthcoming decline in September, attributing it to a significant outflow of money.
Cardano’s ADA is currently trading at $0.256 per token, just over the crucial $0.24 level that Cowen has highlighted as a possibly irreversible point of no return for Cardano supporters.
