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.