spot_imgspot_imgspot_img

Is ADA Coin Repeating its 2019 Surge? What Cardano Investors Should Do in 2023-2024

  • ADA 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.

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.

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

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.

Conclusion

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.

Don't forget to enable notifications for our Twitter account and Telegram channel to stay informed about the latest cryptocurrency news

spot_imgspot_imgspot_imgspot_img

Latest News

BlackRock’s iShares Bitcoin Trust Skyrockets to $10 Billion AUM, Marking Historic ETF Milestone

This article explores the remarkable achievement of BlackRock's iShares Bitcoin Trust (IBIT) reaching $10 billion in assets under management (AUM), reflecting growing institutional interest and trust in cryptocurrency investments.

Bitcoin Futures Open Interest Hits Record High, Signaling Strong Market Sentiment

This article delves into the recent surge in Bitcoin futures open interest, showcasing increased market activity and the implications of speculative buying on price movements.

Bitcoin Enters Bull Market with Predictions of 10-Month ‘Face Melting FOMO,’ Says Analyst PlanB

This article explores the latest Bitcoin bull market forecast by analyst PlanB, the implications of the stock-to-flow model, and the role of new Bitcoin ETFs in shaping investor interest and market dynamics.

Bitcoin Eyes $70,000 Milestone: Bloomberg’s McGlone Predicts Shift from Gold to Crypto

As Bitcoin approaches the $70,000 mark, Bloomberg's Mike McGlone forecasts a pivotal transition in investment from gold to cryptocurrency, signaling a transformative phase in asset allocation.

Can XRP Price Reach $1? Noted Analyst Reveals Prediction!

Ripple's XRP token is trading below $0.60; what will be the next target for the XRP token? Current predictions!
spot_imgspot_imgspot_imgspot_img

PRO Analysis

Ethereum Breaks $3K as Rally Continues: What’s Next for ETH?

This article dives into Ethereum's recent surge past $3,000, analyzing the technical indicators and market dynamics driving its ascent and future prospects.

Will Bitcoin Rise To $50,000? Current BTC Analysis

Bitcoin is trading at $48,400 and may rise to $50,777 if it closes above $48,200. However, caution is advised in the range of $50,777 - $52,000. Corrections are common in the crypto market, so careful consideration is necessary before spot investments.

Where is the Solana Rise Target? Current SOL Analysis!

Solana is trading near the $108 resistance on the 8-hour chart, with a potential target of $111.84 if it surpasses this level. However, caution is advised in the $111.84 - $117.20 resistance range on the 6-hour timeframe.

Medium Term Ethereum Technical Analysis! What Awaits Its Investors?

When examining the medium-term technical chart of Ethereum, strong buying pressure is observed, pushing the price up from the $2139 support to the $2350 region. However, for the price to sustain its upward movement, it needs to surpass the $2407 resistance.

Can Bitcoin Fall To $35,000 Levels? Current BTC Analysis

When examining Bitcoin's 5-day technical chart, the analysis from January 18 is ongoing, indicating a continued downward movement from the $48,189 level. Bitcoin needs to close 5-day candles above the $44,200 resistance to gain momentum for an upward trend. 
Gideon Wolf
Gideon Wolfhttps://en.coinotag.com/
GideonWolff is a 27-year-old technical analyst and journalist with extensive experience in the cryptocurrency industry. With a focus on technical analysis and news reporting, GideonWolff provides valuable insights on market trends and potential opportunities for both investors and those interested in the world of cryptocurrency.
spot_imgspot_imgspot_imgspot_img

BlackRock’s iShares Bitcoin Trust Skyrockets to $10 Billion AUM, Marking Historic ETF Milestone

This article explores the remarkable achievement of BlackRock's iShares Bitcoin Trust (IBIT) reaching $10 billion in assets under management (AUM), reflecting growing institutional interest and trust in cryptocurrency investments.

Bitcoin Futures Open Interest Hits Record High, Signaling Strong Market Sentiment

This article delves into the recent surge in Bitcoin futures open interest, showcasing increased market activity and the implications of speculative buying on price movements.

Bitcoin Enters Bull Market with Predictions of 10-Month ‘Face Melting FOMO,’ Says Analyst PlanB

This article explores the latest Bitcoin bull market forecast by analyst PlanB, the implications of the stock-to-flow model, and the role of new Bitcoin ETFs in shaping investor interest and market dynamics.