Charts Show Cardano (ADA) Mirroring 2019 Movements, With Further Dips in Sight

Cardano (ADA) is currently replicating its price movements from 2019, according to data from a chart comparing its 2023 price actions with 2019.

Cardano (ADA) might register steeper declines before the end of this year, data from a recently unveiled chart suggests. The chart identifies similarities between the asset’s 2019 price movements and its movements this year.

Benjamin Cowen, founder and CEO of crypto resource Into the Cryptoverse (ITC), shared the latest information. He cited data from an ITC chart comparing ADA’s year-to-date 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

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Disparities in Both Years

The chart shows that, like in 2019, ADA began witnessing a gradual increase in price in the first weeks of January this year. However, data confirms a difference in the asset’s price movements further into January.

While Cardano started consolidating with mild declines as it entered the latter weeks of January 2019, the asset’s price movements this year resulted in an impressive 58% increase in January. 

Generally, ADA observed disparities between its price actions in the first halves of 2019 and 2023. In most cases where Cardano witnessed an impressive surge in 2019, it went the opposite direction this year. 

This pattern was consistent throughout the first half. Notably, the general price trend in both years shows that ADA performed well during the first halves of 2019 and 2023.

ADA Now Mirroring 2019 Movements

The similarities between both years started becoming more evident in the second half. Since May 2023, ADA has been recording consistent declines, leading to a decrease in its year-to-date ROI. This trend was also dominant in 2019.

Notably, Cardano collapsed by 60.11% from June to August 2019, shedding off most of the gains picked up earlier that year. Similarly, the asset has dropped by 31% since June of this year. While it generally faces a downtrend, ADA has shown more resilience this year.

Despite the resilience, the ITC chart reveals the same bearish downward trend in 2019. Should Cardano continue to mirror the 2019 movements, its price could decline steeply.

Interestingly, ADA dropped by a discouraging 88.53% in the second half of 2019. So far, it has fallen 31% in Q2 this year, and the chart projects further dips. However, there is the possibility of a change in pattern.

In an Ethereum (ETH) analysis, Cowen confirmed that most altcoins tend to perform well in the first half of a pre-halving year. However, he stressed that they start underperforming into the second half.

Like 2019, this year is a pre-halving year, as the next Bitcoin halving is expected in 2024. Cowen believes BTC’s dominance would soar to 60% as most altcoins drop in value. ADA is trading for $0.2618 as of press time.

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• Source: https://thecryptobasic.com/2023/08/23/charts-show-cardano-ada-mirroring-2019-movements-with-further-dips-in-sight/?utm_source=rss&utm_medium=rss&utm_campaign=charts-show-cardano-ada-mirroring-2019-movements-with-further-dips-in-sight