• analysiswatch

Title: Cardano price risks 30% drop in Q2 despite a 'major' hard fork ahead


Apr 15, 2022 09:20AM ET


By: AnalysisWatch


Cardano (ADA) prices are at risk of experiencing a sharp correction in the coming months, despite the blockchain network's announcing strong growth and a "major" hard fork event in June.


ADA, which accounts for about 1.75% of the total crypto market capitalization, has been trending within a "descending channel" since September 2021, which has successfully capped its multiple upside attempts, as shown in the chart below.


The ADA/USD daily chart shows a descending channel pattern.

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