The price of Cardano (ADA) might end up dropping to $0.24, according to a new report published by the CEX.IO cryptocurrency exchange.
The cryptocurrency has moved inside an ominous-looking descending triangle, which is already breaking down.
If this bearish pattern plays out, the cryptocurrency could drop another 33% from where it is trading right now.
The native token of the popular proof-of-stake blockchain is currently sitting at $0.37 on major spot exchanges after declining more than 5% over the past 24 hours.
As reported by U.Today, major cryptocurrencies declined significantly due to hotter-than-expected inflation data that was published earlier today. ADA plunged to a new 2022 low of $0.3490. At press time, it remains in the red despite paring a significant portion of recent losses because of recovering stocks.
Last month, the Cardano blockchain finally implemented the Vasil hard fork, which was supposed to be a major bullish catalyst for the ADA cryptocurrency. The token did rally almost 10% because of the event. However, this uptick was just a flash in the pan, and the eighth-biggest cryptocurrency started running out of steam very quickly.
The token is now down 87.95% from its record peak that was achieved last September during the rollout of the Alonzo hard fork that brought smart contracts to the blockchain.
Vladislav Sopov