Popular analyst Benjamin Cowen fears for the Cardano price. According to him, if we get negative economic data from the United States, Cardano could fall to much lower levels.
What does Cardano need?
What Cardano does need, according to Cowen, are unemployment figures and inflation figures that meet expectations. In that case, he said, the Cardano price could repeat a historical pattern and rise above its local high of around $1.20.
“My guess is that Cardano could still experience some weakness here in the short term. Clearly, weak data, such as an explosion in unemployment or inflation, would cause a larger decline. But until we see that, there is still a good chance that Cardano will continue to repeat the price behavior of recent years,” said Cowen.
He also warns that Cardano could repeat a pattern from last year and experience a correction of more than 20% from its current price level before rising again.
He indicates last year’s price behavior with the arrows in the graph above.
Speculation
The title of Cowen’s new video is “Cardano: Dubious Speculation” and that’s basically what he does.
It is very difficult to predict the prices of financial assets in the short term. And of course you have to keep an eye on many more things than unemployment and inflation.
Especially if you want to look at the market from a macroeconomic perspective. The difficult thing about Cowen’s story is that he doesn’t actually say anything.
Suppose unemployment explodes, which he believes would be negative for Cardano, then of course you will be too late when it happens. You can’t respond to it. Assuming that the price falls if unemployment rises.
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Source: https://newsbit.nl/dit-kan-cardano-enorm-in-de-problemen-brengen/
