Popular crypto analyst Benjamin Cowen warns that Cardano (ADA), Solana (SOL) and one other altcoin could soon implode against Bitcoin (BTC).
Cowen tells his 748,900 Twitter followers that he believes ADA, SOL and Polygon (MATIC) are going to show further weakness against the crypto king based on historical price action.
Looking at ADA, Cowen predicts that the Ethereum (ETH) competitor could decline more than 50% from its current value against Bitcoin (ADA/BTC) similar to what happened in 2019.
“Exactly four years ago, ADA/BTC was at 900 sats (same as today). Approximately five-six weeks later, it was at 400 sats.
The altcoin reckoning can be brutal.”
At time of writing, ADA/BTC is trading for $0.00000903 BTC ($0.27 USD).
Next, Cowen says that Solana has for about the last two years gone on rallies only to put in new lows against Bitcoin (SOL/BTC), and he believes that price action pattern will continue.
“SOL/BTC following the same pattern for almost the last two years. People get sucked back in on each pump, only for it to eventually fade and put in new lows.”
At time of writing, SOL/BTC is trading for $0.000538 BTC ($16.33 USD).
Lastly, Cowen warns that Polygon is trading against Bitcoin in the lower bounds of a price range. He predicts if MATIC/BTC dips below the $0.0000170 BTC level there is little support to keep it from collapsing.
“MATIC/BTC fading to the lower part of the range. Below 1,700 sats, there is not much support for a while.”
At time of writing MATIC/BTC is worth $0.0000208 BTC ($0.63 USD).
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Chor muang/WindAwake/Mingirov Yuriy
Credit: Source link
