The leading cryptocurrency that can collapse by 51% is named

Into The Cryptoverse founder Benjamin Cowen suggested that the value of the Cardano cryptocurrency could fall by more than 51% in the near future. Currently, ADA is trading at $ 0.27, but Cowen expects it to reach $ 0.13.

The analyst shared his assumptions with his Twitter followers. Cowen based his argumentation on technical analysis data, presenting a chart illustrating the projected direction of ADA price movement in relation to bitcoin.

Benjamin Cowen noted that his forecast uses a model that reflects retrospective data on the ADA market price starting in 2018. This data forms a trend line. Based on them, the analyst suggested that in the next 5−6 weeks, the crypto asset could repeat the behavior observed in the third quarter of 2019.

Crypto community experts disagreed with Cowen’s words about the 50% drop in ADA, but agreed that his analysis is a wake-up call for anyone who has invested in altcoin.

The fears of crypto investors are fueled by rumors that Robinhood and the bankrupt cryptocurrency lender Celsius intend to simultaneously sell all user assets denominated in ADA. The amount traded could be hundreds of millions of dollars, which would negatively affect the market value of the crypto asset.

As a reminder, the Securities and Exchange Commission (SEC) filed a lawsuit against cryptocurrency exchanges Binance and Coinbase, which categorized Cardano (ADA) as an unregistered security. In addition to Cardano, the list includes: Solana (SOL), Polygon (MATIC), Coti (COTI), Algorand (ALGO), Filecoin (FIL), Cosmos (ATOM), Sandbox (SAND), Axie infinity (AXS), and Decentraland (MANA).