According to a crypto analyst, Cardano (ADA) may experience further declines in its price before the end of the year. The analyst reviewed a chart that compared the Altcoin‘s price movements in 2019 to those in 2023 and found similarities between the two years. Benjamin Cowen, founder and CEO of Into the Cryptoverse (ITC), shared this data and suggested that the ADA is currently copying its price movements from 2019.
The chart revealed inconsistencies in the price movements between the two years. While both years saw a gradual price increase in the first weeks of January, there was a difference in the asset’s price movements later on. In 2019, the altcoin began to consolidate with slight declines in January, whereas in 2023, it experienced an impressive 58% increase. Overall, the ADA showed disparities between the price movements in the first half of both years, with this year often going in the opposite direction compared to 2019.
However, in the second half of the year, the similarities between the two years became more apparent. Since May 2023, the ADA has recorded consistent declines, leading to a decrease in its return on Investment. This trend was also dominant in 2019, with Cardano losing 60.11% of its value from June to August. This resulted in the altcoin giving back most of the gains it made earlier that year. Similarly, this year, the ADA has fallen by 31% since June. Although the altcoin has shown more resistance this year, the ITC chart predicts further declines.
If Cardano continues to reflect its movements from 2019, its price could fall rapidly. In 2019, the ADA fell by 88.53% in the second half of the year. So far, it has lost 31% of its value in the second quarter of this year. However, the chart suggests that there is a possibility of a change in the price trend.
In conclusion, based on a chart comparing the price movements of Cardano in 2019 and 2023, a crypto analyst predicts further declines in the altcoin’s price. The ADA has shown similarities to its movements in 2019, especially in the second half of the year. While there is a possibility of a change in the trend, the chart suggests that Cardano may experience sharp declines in the near future..
#Declines #Horizon #Altcoin
The chart revealed inconsistencies in the price movements between the two years. While both years saw a gradual price increase in the first weeks of January, there was a difference in the asset’s price movements later on. In 2019, the altcoin began to consolidate with slight declines in January, whereas in 2023, it experienced an impressive 58% increase. Overall, the ADA showed disparities between the price movements in the first half of both years, with this year often going in the opposite direction compared to 2019.
However, in the second half of the year, the similarities between the two years became more apparent. Since May 2023, the ADA has recorded consistent declines, leading to a decrease in its return on Investment. This trend was also dominant in 2019, with Cardano losing 60.11% of its value from June to August. This resulted in the altcoin giving back most of the gains it made earlier that year. Similarly, this year, the ADA has fallen by 31% since June. Although the altcoin has shown more resistance this year, the ITC chart predicts further declines.
If Cardano continues to reflect its movements from 2019, its price could fall rapidly. In 2019, the ADA fell by 88.53% in the second half of the year. So far, it has lost 31% of its value in the second quarter of this year. However, the chart suggests that there is a possibility of a change in the price trend.
In conclusion, based on a chart comparing the price movements of Cardano in 2019 and 2023, a crypto analyst predicts further declines in the altcoin’s price. The ADA has shown similarities to its movements in 2019, especially in the second half of the year. While there is a possibility of a change in the trend, the chart suggests that Cardano may experience sharp declines in the near future..
#Declines #Horizon #Altcoin
