The Cardano rate could fall by 60%

Popular cryptocurrency analyst and influencer Benjamin Cowen said that there is a «real risk» that the price of the Cardano smart contract platform (ADA) could fall by more than 60% during a bear market before reaching its bottom.

In his video, the analyst said that Cardano could be one bear market cycle behind Ethereum, which fell by about 95% during its first bear market. «If ADA, let’s say, suffers smaller losses in the current bear cycle, and let’s assume that instead of falling 98%, it is only one cycle behind Ethereum, we can conclude that ADA will fall 94% or 95% from ATN.»

At the time of writing, Cardano is trading at around $ 0.32 per token, a major drop from the all-time high of $ 3 recorded last year. Cowen believes that ADA could reach a low of between $ 0.10-$ 0.20 «sometime in 2023» if the bear market continues.

In the fall, Cowen said that the Ethereum-based altcoin Chainlink (LINK) could outperform the flagship cryptocurrency. «Chainlink works as the basis for a lot of cryptocurrencies. Over the years, we have seen how many profitable cryptocurrency projects it has been integrated into, and it is time for LINK to grow in value ,» the crypto influencer emphasized.

As a reminder, Cardano recently reached a new development milestone byannouncing the launch of its first stablecoin. The cryptocurrency will be called USDA and will become available in early 2023. «The introduction of a stablecoin that is fully backed by fiat currencies and complies with regulatory requirements is the next step in realizing a cloudless future for the cryptocurrency community,» the developers said.