Why The Cardano Price Might Be On The Verge Of Another Decline

The Cardano price has been following the general market sentiment and trended to the downside in the last 24 hours. The cryptocurrency is on the verge of implementing a major upgrade via its “Vasil” Hard Fork Combinator (HFC) event, but the current price trend hints at bad news for bullish investors. Related Reading: Here’s Why $80 Billion Was Wiped Off The Crypto Market At the time of writing, the Cardano price trades at $0.47 with a 3% profit over the last seven days. The cryptocurrency lost its position in the top five by market capitalization but has managed to preserve some of the wins for the past few days outperforming Ethereum and others. This Trader Forecasted Bad News For The Cardano Price On low timeframes, the Cardano price was moving sideways over the past few months, coming off from a major downtrend. In early 2022, the cryptocurrency finally broke below the $1 price point which triggered more losses and sent Cardano into its 2020 levels. At that time, the Cardano price moved sideways and experienced a relief rally to $1.20 which was immediately followed by a steeper decline. Legendary trader Peter Brandt believes ADA’s price might be forming a pattern hinting at a similar move. Via his Twitter account, Brandt wrote the following while sharing the image below: This is a fractal chart construction known as a descending triangle. If it continues in the fractal, $ADA should have one more significant decline. “...