Coin experienced a significant depression period in 2019.
- If history repeats itself, ADA Coin could initiate a rapid rise around June 2024.
- ADA Coin whale activity is on the rise.
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Cardano (ADA) had a tough 2023, facing persistent issues and a lack of popular applications on its network. However, the coin’s performance in 2019 may shed light on its future prospects.
ADA Coin’s 2023 Outlook
Cardano’s inability to attract sufficient investor interest recently is a major red flag. The popular altcoin has been meeting resistance at critical levels, with no signs of support. Benjamin Cowen, founder of Into The Cryptoverse, focused on how ADA Coin performed before Bitcoin’s last halving.
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Like many cryptocurrencies, Cardano has witnessed multiple price corrections over the past few months. At the time of writing, ADA’s price had fallen by more than 14% in the last 30 days, with a market value exceeding $9 billion at $0.259.
Benjamin Cowen pointed out the high likelihood of ADA entering a depression phase, drawing parallels with its price movement when Bitcoin hit rock bottom just two months before its last halving. ADA’s price remained low throughout the second half of 2019.
ADA Coin Predictions for 2023-2024
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Although the depression period in 2019 led to significant losses, we saw a rapid price recovery following the BTC block reward halving in 2020. History could repeat itself with the halving event scheduled for next year.
If this event recurs, a price recovery should begin around June 2024. Looking at the present, the blockchain, which recently published the Mithril mainnet upgrade, continues to maintain high development activity. Moreover, Input Output Global recently highlighted the efforts of developers over the past week in its weekly development report.
According to Santiment’s chart, whale activity around the token is high, and the relatively high daily active addresses indicate good network health. However, the recent price correction has pulled down ADA’s MVRV Ratio, leading to a downturn.
While ADA Coin’s future is uncertain, its past performance and current whale activity suggest potential for growth. However, investors should keep an eye on the upcoming halving event and the coin’s network health before making decisions.