Longtime commodity trader Peter Brandt has opined that the ADA price will likely plunge lower.
Brandt has pointed to the fact that the token is in the process of forming a descending triangle on its daily chart.
If the bearish pattern ends up playing out, the ADA price will likely have “one more significant decline.”
The native cryptocurrency of the Cardano blockchain is currently trading at $0.47 on the Binance exchange.
The upcoming Vasil upgrade, which is scheduled on Sept. 22, is expected to be a significant bullish catalyst for the ADA token, but it may struggle to buck the broader bearish trend.