As the bearish trend takes over, the Cardano price has seen a significant price decrease of 7% in the preceding days. The current market trading level is $0.53, which is critical since the bulls and bears appear to be in a power battle.
A reversal does not appear to be in the cards after a seventh consecutive week of losses. Support has been set at $0.50, and bulls are attempting to push prices higher. When prices reach the $0.60 resistance level, the bulls return. To avoid additional declines, prices would need to find the right grip or support, most likely at $0.5.
Will ADA revisit $0.25?
If the bear market for digital assets worsens, a well-known crypto expert Benjamin Cowen has certain price estimates for Cardano (ADA).
Cowen says he’s looking at Cardano against Bitcoin (ADA/BTC) in a new strategy session and that the pair is in the midst of a significant downturn. If the ADA/BTC pair revisits its 2018 bear market bottom of 0.0000085 BTC or $0.25, Cowen believes Cardano will lose more than half of its value.
We’re in a bear market, according to the analysts. He stated that altcoins are completely destroyed in a bear market, and the Bitcoin worth of these altcoins is completely destroyed in a down market, as well as in a bull market.
If the ADA/BTC valuation falls to the bottom of the prices that Bitcoin reached during the bear market, the ADA valuation will drop another 55 percent. ADA would be worth roughly $0.25 if it dropped by 55% from its current price. So that’s another 50% correction.
“You might look at it and say ‘$0.10 ADA, why are you complaining?’ It didn’t really feel smart at the time because it dropped 80%. People forget how brutal these things can be.”