Benjamin Cowen shared his speculation with his Twitter followers. The analyst built the argument on technical analysis data, presenting a chart illustrating the predicted direction of ADA price movement in relation to bitcoin.
Cowen noted that his forecast uses a model that reflects the historical data on the market price of ADA, starting in 2018. And this data forms a trend line. Based on them, the analyst suggested that in the next five to six weeks, the crypto asset could repeat the behavior that was observed in the third quarter of 2019.
Crypto community experts did not unanimously agree on Benjamin Cowan’s forecast of a possible fall in the exchange rate, however, they agreed that his analysis is an alarming signal for all those who invested in altcoin.
The fear of crypto investors is fueled by rumors leaked to the network that Robinhood and the bankrupt crypto lender Celsius intend to sell all user assets nominated in ADA at a time. The proceeds may amount to hundreds of millions of dollars, which will negatively affect the market value of the crypto asset.
Recall that in the statement of claim of the Securities and Exchange Commission (SEC) to the cryptocurrency exchanges Binance and Coinbase, the Cardano (ADA) cryptocurrency was classified as unregistered securities.
Source: Bits
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