A crypto analyst is examining a chart that compares Cardano’s 2023 price movements to 2019. Based on his data from this, the analyst claims that ADA is currently copying price movements in 2019. That’s why he expects more drops for the altcoin.
This altcoin could record drastic drops!
Data from a recently released chart shows that Cardano (ADA) may record more sharp declines before the end of this year. The chart identifies the similarities between the altcoin project’s 2019 price movements and this year’s movements. Benjamin Cowen, founder and CEO of crypto resource Into the Cryptoverse (ITC), shares the latest on the subject. It cites data from an ITC chart that compares ADA’s return on investment (ROI) in 2019 and 2023.
#ADA Year-To-Date ROI in 2023 compared to 2019 pic.twitter.com/tfrWlTZtBY
— Benjamin Cowen (@intocryptoverse) August 22, 2023
There are inconsistencies in both years!
The chart shows that, as in 2019, ADA started to witness a gradual price increase in the first weeks of January this year as well. However, the data confirms that there is a divergence in the price movements of the asset later in January. While the altcoin began to consolidate with slight dips as it entered the final weeks of January 2019, the asset’s price action this year resulted in an impressive 58% gain in January.
Overall, ADA observed disparities between price movements in the first half of 2019 and 2023. In most cases where Cardano witnessed impressive growth in 2019, this year it has gone in the opposite direction. This pattern was consistent throughout the first half for the altcoin. Notably, the overall price trend in both years shows that ADA performed well in the first half of 2019 and 2023.
Altcoin now reflects 2019 moves
The similarities between both years start to become more apparent in the second half. cryptocoin.com As you follow, ADA has recorded consistent declines since May 2023. This led to a reduced return on investment year-to-date. It is possible to say that this trend is also dominant in 2019. In particular, Cardano lost 60.11% from June to August 2019. It therefore gave back most of the earnings it had made earlier that year. Similarly, the altcoin has dropped 31% since June of this year. While facing an overall downtrend, ADA has shown more resistance this year.
Despite the resilience, the ITC chart reveals the same bearish trend in 2019. If Cardano continues to mirror its 2019 moves, its price is likely to drop rapidly. Interestingly, ADA fell by a discouraging 88.53% in the second half of 2019. So far, it has lost 31% in Q2 of this year. However, the chart predicts further declines. However, there is also the possibility of a change in the model.
