Crypto analyst Benjamin Cowen is predicting a potential downturn for Cardano (ADA), depending heavily on US economic news. His analysis, shared with his 857,000 YouTube subscribers, suggests a significant drop is possible.
Bad Economic News = Bad News for ADA?
Cowen’s main concern centers around upcoming US economic data releases. If unemployment or inflation figures are much worse than expected, he believes it could trigger a major sell-off in ADA. Conversely, if the data meets or slightly exceeds expectations, ADA might follow a similar pattern to previous years, potentially pushing past its recent high of around $1.20. He summarized it as: “If the employment rate or inflation skyrockets, expect a big ADA sell-off. Otherwise, it might just repeat its past performance.”
A Repeat of History?
Cowen also points out a potential parallel between ADA’s current trajectory and its performance around this time last year. He notes a similar price spike followed by a dip of over 20% before a recovery. If this pattern repeats, ADA could fall to between $0.75 and $0.85 before rebounding. However, he stresses this is just a possibility, not a guarantee.
Current Market Situation
At the time of writing, ADA is trading at $0.95, down 2.6% in the last 24 hours.
Disclaimer: This information is for general knowledge and shouldn’t be considered investment advice. Always do your own research before investing in cryptocurrencies./p>
