Cardano’s (ADA) Price has been trading in a descending triangle. The latest Vasil hard fork failed to push the token’s price up. A report by the CEX.IO exchange predicts that the token might dip by 30% to $0.24.
CEX.IO Predicts ADA To Dip By 30%
The crypto has entered an unsettling falling triangle that is already collapsing. If this bearish trend holds, the token might fall 33% from its current trading price.
ADA/USD Price Chart. Source: TradingView
The popular proof-of-stake blockchain’s native currency is presently trading at $0.36 on major spot markets, down by over 5% in the last 24 hours. According to U.Today, major virtual currencies fell sharply due to higher-than-expected inflation figures released earlier today.
Meanwhile, ADA has reached a new 2022 bottom of $0.3490. At the time of writing, it was still in the red, despite having recovered a considerable part of its previous losses due to recovering stocks.
The Cardano network officially completed the Vasil hard fork in September. The upgrade was expected to be a significant bullish trigger for the ADA coin.
Due to the event, the token gained over 10% following the upgrade. However, this surge was only for a moment as the eighth-largest coin swiftly lost pace.
The coin has now plummeted 87.95% from its all-time high, set last September after implementing the Alonzo hard fork, which added smart contracts to the network.
Besides, ADA’s price has dropped dramatically in the recent year after reaching an ATH above $3 last September. Last week, Peter Brandt, a popular crypto analyst, predicted that ADA would drop by 50% on Twitter.
Peter Brandt Predicts ADA Will Fall To $0.25
The expert trader believes the worst is still yet to come for the crypto assets. Brandt predicted that more woes were coming for ADA.
In typical chartist form, Peter Brandt rushed to Twitter to produce a chart outlining key critical areas for the virtual currency. He stated that the token was creating a “typical falling triangle.”
According to Brandt, this points to a likely fall for the virtual currency in the future. Experts predict the price of ADA might go below $0.25.
Given the current price of ADA, this would imply that the token’s price would have to fall by 50% from here. Additionally, it would bring ADA’s price down by about 90% from its all-time high.
This is not unexpected and should not come as a surprise. During a down market, most digital currencies have been known to shed more value.
According to Peter Brandt’s analysis, the charts may not always be accurate, although it is most times. For investors, this means preparing for the worst-case situation in the event that the projection is correct. By press time, the token was trading at 0.37, down by over 0.45% in the last day.