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Cardano News: ADA Price at Risk of 30% Fall, Here’s Why

By:C, Fiona
Last updated:10/14/2022
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Cardano news: If bearish scenario happens, Cardano (ADA) price could fall to $0.24. Here we’ll discuss why.

 

Cardano News

Cardano price 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, 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.

 

ADA has now dropped 87.95% from the record peak it reached last September during the launch of the Alonzo hard fork, which brought smart contracts to the blockchain.

 

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