Given the generally stressful environment in the cryptocurrency market, it is hardly unexpected that the Cardano blockchain upgrade with the Vasil hardfork did not result in a fervent rise.
However, as seasoned trader Peter Brandt saw upon careful examination of the chart, ADA/USD may soon come under more bearish pressure.
The price of the cryptocurrency has fallen from the high of the $0.64 to the $0.42 support during the previous several months, forming a descending triangle. This pattern frequently suggests that more losses could be anticipated if support is unable to withstand pressure to the downside, as Brandt explained:
“According to Schabacker, Edwards, and Magee, the ADA/USD chart is a traditional descending triangle. Everything suggests that there may be a fall below $0.25.”
Charles Hoskinson, the creator of Cardano, does not place much stock in such technical analysis. From his perspective, it does not take into account macroeconomic issues, which invariably affect the price.