Why Cardano value could possibly be on the verge of one other drop – NewsBTC

Cardano price follows the general market sentiment and has been trending down for the last 24 hours. The cryptocurrency is about to stage a major upgrade via its “Vasil” Hard Fork Combinator (HFC) event, but recent price action suggests bad news for bullish investors.

At the time of writing, Cardano price is trading at $0.47 with a 3% gain over the past seven days. The cryptocurrency lost its position in the top 5 by market cap but managed to retain some of the gains seen over the past few days, outperforming Ethereum and others.

The price of ADA is trending down on the 4-hour chart. Source: ADUSDT trading view

This trader predicted bad news for Cardano price

On low periods, Cardano price has been moving sideways for the past few months, breaking away from a major downtrend. In early 2022, the cryptocurrency finally broke below the $1 price point, triggering further losses and sending Cardano to 2020 levels.

At that point, Cardano price was trading sideways and witnessed a relief rally to $1.20, which was immediately followed by a steeper decline. Legendary trader Peter Brandt believes that ADA’s price may be forming a pattern that suggests a similar move.

Via his Twitter account, Brandt wrote the following while sharing the image below:

This is a fractal chart construction known as a descending triangle. If the fractal continues, $ADA should see another significant decline. “Should”, not “Must”.

Cardano price ADA ADAUSDT 1Source: Peter Brandt via Twitter

As the image shows, Cardano price forms a bottom around $0.4 with a series of higher lows suggesting a downtrend. According to Brandt’s prediction, if the price of ADA continues to decline to its current levels, the cryptocurrency could break below and retest the $0.35 area.

Cardano price ADA ADAUSDT 2Source: Peter Brandt via Twitter

Which could prevent further losses for the Cardano price

Material Indicators data shows a stack of ask liquidity at around $0.48. This could prevent ADA from breaching this area on shorter timeframes.

In addition, material indicators are showing an increase in selling pressure from retail investors. They have launched their ADA as Cardano price is trending up.

Fewer paper hands, short-term investors, in the market could lead to a long-term uptrend. On September 22, the Cardano network will undergo its most important update of 2022, implementing improvements to its scalability, decentralization, and performance, according to lead developer Input Output Global (IOG).

Time will tell if the cryptocurrency completes the descending triangle to new lows as Brandt predicted, or if the upcoming HFC event will invalidate it.

VASIL UPGRADE: DATE CONFIRMED 💪
After the successful completion and extensive testing of all core components as well as the confirmed community readiness, we can today, together with the @cardanostiftung, announce September 22 for the #Vasil upgrade in the #Cardano mainnet. 🧵$ADA
1/9

— Input Output (@InputOutputHK) September 2, 2022


Share post on

Sonic BTC is reader-supported. When you buy through links on our site, we may earn an affiliate commission.

Large Eyes Coin Surpasses $3 Million in Stage 2 Presale!  Will the meme coin be within the high 10 alongside BNB and Cardano?  – Euro Weekly Information Cardano

Large Eyes Coin Surpasses $3 Million in Stage 2 Presale! Will the meme coin be within the high 10 alongside BNB and Cardano? – Euro Weekly Information

Big Eyes is the new meme coin on the scene, and judging by the...

By Roger Gofman
Cardano [ADA] Holders going lengthy this week ought to learn this – AMBCrypto Information Cardano

Cardano [ADA] Holders going lengthy this week ought to learn this – AMBCrypto Information

Cardano [ADA] is about to end the month with an overall declining performance despite...

By Roger Gofman
Psychic Predictions: Cryptos, Shares, Cardano, Shiba Inu, Terra Luna Traditional and extra – BeInCrypto Cardano

Psychic Predictions: Cryptos, Shares, Cardano, Shiba Inu, Terra Luna Traditional and extra – BeInCrypto

Clairvoyant predictions have been around as long as humans have existed. Especially in times...

By Roger Gofman
Cardano is approaching the make-or-break level – Crypto Briefing Cardano

Cardano is approaching the make-or-break level – Crypto Briefing

The central theses Cardano remains flat and trades within a narrow price range. This...

By Roger Gofman
How Genius Yield ISPO makes use of Cardano’s distinctive Proof-of-Stake structure: Interview with the Genius Yield Crew – U.Right now Cardano

How Genius Yield ISPO makes use of Cardano’s distinctive Proof-of-Stake structure: Interview with the Genius Yield Crew – U.Right now

Arman Shirinyan The Genius Yield team uses everything Cardano offers to increase the efficiency...

By Roger Gofman
Cardano (ADA) begins buying and selling on Japanese bitbank alternate – U.Immediately Cardano

Cardano (ADA) begins buying and selling on Japanese bitbank alternate – U.Immediately

Alex Dovbnya Another Japanese exchange is on the way to supporting the cryptocurrency Cardano...

By Roger Gofman
Polkadot (DOT) and Kusama (KSM) lead Cardano (ADA) on this metric, crypto analytics agency Santiment says – The Day by day Hodl Cardano

Polkadot (DOT) and Kusama (KSM) lead Cardano (ADA) on this metric, crypto analytics agency Santiment says – The Day by day Hodl

Polkadot (DOT) and Kusama (KSM) led the crypto market in terms of development activity...

By Roger Gofman
Cardano Backlash Happens for Daedalus Turbo Pockets Funding, Here is Why – U.As we speak Cardano

Cardano Backlash Happens for Daedalus Turbo Pockets Funding, Here is Why – U.As we speak

Tomiwabold Olajide Cardano announces fund winners, but the community isn't happy with a specific...

By Roger Gofman

Latest Posts

Dogecoin Worth Prediction: Anticipate a Low cost on Wall Avenue – FXStreet Dogecoin

Dogecoin Worth Prediction: Anticipate a Low cost on Wall Avenue – FXStreet

Dogecoin price is floating at the bottom of a range. The strongest bullish candles...

By Roger Gofman
Software program and Bounded Rationality Ethereum

Software program and Bounded Rationality

One of the key properties that is usually sought for in a cryptoeconomic algorithm,...

By Roger Gofman
Bitcoin Crashes On Inflation Information! [More Pain Coming?] Videos

Bitcoin Crashes On Inflation Information! [More Pain Coming?]

Bitcoin crashes on inflation news, will crypto fall more? [Crypto News] BYBIT 0% Maker...

By Roger Gofman
Large Eyes Coin Surpasses $3 Million in Stage 2 Presale!  Will the meme coin be within the high 10 alongside BNB and Cardano?  – Euro Weekly Information Cardano

Large Eyes Coin Surpasses $3 Million in Stage 2 Presale! Will the meme coin be within the high 10 alongside BNB and Cardano? – Euro Weekly Information

Big Eyes is the new meme coin on the scene, and judging by the...

By Roger Gofman
CryptoCompare and Blockdaemon Launch 5 Staking Yield Indices – FinanceFeeds Polkadot

CryptoCompare and Blockdaemon Launch 5 Staking Yield Indices – FinanceFeeds

“The CryptoCompare Blockdaemon Staking Yield Indices have created a new standard for digital asset...

By Roger Gofman
Hingham Excessive women’ soccer stays undefeated after defeating Hanover – The Patriot Ledger Stellar

Hingham Excessive women’ soccer stays undefeated after defeating Hanover – The Patriot Ledger

HINGHAM - There are two sides to every coin.That's a good way to describe...

By Roger Gofman
How Binance Sensible Chain (BNB) Generates Income – Bitcoin Market Journal Binance

How Binance Sensible Chain (BNB) Generates Income – Bitcoin Market Journal

As the internal blockchain of Binance, the world's largest cryptocurrency exchange, BNB Chain is...

By Roger Gofman
Moshnake is conquering the gaming trade, following the sandbox and Dogecoin |  Bitcoinist.com – Bitcoinist Dogecoin

Moshnake is conquering the gaming trade, following the sandbox and Dogecoin | Bitcoinist.com – Bitcoinist

The gambling industry is an exciting subset of cryptocurrency. With NFTs and Metaverse, this...

By Roger Gofman