{"id":432110,"date":"2022-04-15T14:38:19","date_gmt":"2022-04-15T11:38:19","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/cardano-price-risks-30-drop-in-q2-despite-a-major-hard-fork-ahead\/"},"modified":"2022-04-15T14:38:19","modified_gmt":"2022-04-15T11:38:19","slug":"cardano-price-risks-30-drop-in-q2-despite-a-major-hard-fork-ahead","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/cardano-price-risks-30-drop-in-q2-despite-a-major-hard-fork-ahead\/","title":{"rendered":"# Cardano price risks 30% drop in Q2 despite a &#8216;major&#8217; hard fork ahead"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3718125af9e\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3718125af9e\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/cardano-price-risks-30-drop-in-q2-despite-a-major-hard-fork-ahead\/#%E2%80%9D_Cardano_price_risks_30_drop_in_Q2_despite_a_%E2%80%98major_hard_fork_ahead_%E2%80%9C\" >&#8221; Cardano price risks 30% drop in Q2 despite a &#8216;major&#8217; hard fork ahead &#8220;<\/a><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/cardano-price-risks-30-drop-in-q2-despite-a-major-hard-fork-ahead\/#Descending_channel_hints_at_ADA_selloff_ahead\" >Descending channel hints at ADA selloff ahead<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/cardano-price-risks-30-drop-in-q2-despite-a-major-hard-fork-ahead\/#Cardano_network_growth_fails_to_impress_traders\" >Cardano network growth fails to impress traders<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Cardano_price_risks_30_drop_in_Q2_despite_a_%E2%80%98major_hard_fork_ahead_%E2%80%9C\"><\/span>&#8221; Cardano price risks 30% drop in Q2 despite a &#8216;major&#8217; hard fork ahead &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div class=\"post-content\" data-v-2a0745c6>Cardano (ADA) price risks undergoing a severe correction in the next few months despite touting its blockchain network&#8217;s bolstering growth and a &#8220;major&#8221; hard fork event in June.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Descending_channel_hints_at_ADA_selloff_ahead\"><\/span>Descending channel hints at ADA selloff ahead<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>ADA, which makes up about 1.75% of the total crypto market capitalization, has been trending lower since September 2021, inside a &#8220;descending channel&#8221; pattern that has successfully c<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ed its multiple upside attempts, as illustrated in the chart below.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-04\/0088ac41-0757-4a84-ab7e-490541cd668d.png\" alt=\"\" title=\"\"><figcaption style=\"text-align: center;\"><em>ADA\/USD daily price chart featuring descending channel setup. Source: TradingView<\/em><\/figcaption><\/figure>\n<p>The channel showed further strength as ADA broke above its upper trendline on March 27, only to reverse entirely in later sessions, showing a lack of conviction among the Cardano bulls. <\/p>\n<p>ADA&#8217;s 200-day exponential moving average (200-day EMA; the blue wave), alongside the 0.236 Fib line (near $1.29) of the Fibonacci retracement graph, drawn from $2.96-swing high to $0.78-swing low, further aided the bearish bias.<\/p>\n<p>As of April 15, ADA&#8217;s price consolidates inside the $0.97-$0.92 range, signaling intentions to continue its pullback from its fakeout top near $1.25. <\/p>\n<p>If the descending channel setup continues panning out, ADA\/USD could fall to its previous bottom range near $0.78 while eyeing the channel&#8217;s lower trendline around $0.65 as its primary downside target.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-04\/75d2a1e3-2ef5-4b32-b6ef-6d52494ac670.png\"><figcaption style=\"text-align: center;\"><em>ADA\/USD daily price chart. Source: TradingView<\/em><\/figcaption><\/figure>\n<p>That amounts to an almost 30% drop from today&#8217;s price.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Cardano_network_growth_fails_to_impress_traders\"><\/span>Cardano network growth fails to impress traders<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Meanwhile, Input Output Hong Kong (IOHK), the research and development firm behind the Cardano project, has announced\u00a0incredible network growth entering April 2022.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Stablecoins, sidechains, NFTs &amp; partnerships, launchpads &amp; project launches, converter bridges&#8230;getting overwhelmed with all the <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">news<\/a> from the <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/Cardano?src=hash&amp;ref_src=twsrc%5Etfw\">#Cardano<\/a> universe?<\/p>\n<p>We&#8217;ve gathered a structured recap of the key updates over the last 10 days.<\/p>\n<p>Here&#8217;s what&#8217;s happening<br \/> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/search?q=%24ADA&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$ADA<\/a><\/p>\n<p>\u2014 Input Output (@InputOutputHK) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/InputOutputHK\/status\/1513951540058411008?ref_src=twsrc%5Etfw\">April 12, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>IOHK also appears to be readying the &#8220;Vasil&#8221; hard fork, a network upgrade to make Cardano&#8217;s blockchain more scalable, sometime in June. <\/p>\n<p>Cardano founder Charles Hoskinson stressed the word &#8220;major&#8221; five times when describing the fork&#8217;s importance to the overall network growth in a <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=LZ3SdmiTcSs\">video released April 12<\/a>, a day after ADA crashed more than 10%.<\/p>\n<p><strong><em>Related:\u00a0Mark Yusko explains the real problem with Fed policy \u2014 and why Bitcoin matters<\/em><\/strong><\/p>\n<p>Yes, ADA&#8217;s price recovered after Hoskinson&#8217;s address and IOHK&#8217;s tweets. But the rebound lost momentum and is trending sideways, remaining under the influence of macro factors.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-04\/b4fa7664-a42a-40c1-a91f-be52601301e8.png\"><figcaption style=\"text-align: center;\"><em>The daily correlation coefficient between ADA\/USD and NDX. Source: TradingView\u00a0<\/em><\/figcaption><\/figure>\n<p>Notably, like Bitcoin, ADA&#8217;s correlation with the Nasdaq-100 (NDX) rose to a record level, hitting 0.97 on April 15 versus.0.79 at the beginning of the year. <\/p>\n<p>In other words, ADA price is currently in lockstep with the tech-heavy index, which has erased more than $1 trillion from its market cap in April.<\/p>\n<p class=\"post-content__disclaimer\">The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.\n<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. 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Descending channel hints at ADA selloff ahead ADA, which makes up about&#8230;<\/p>\n","protected":false},"author":1,"featured_media":432111,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDQvNjA3ODgxODQtN2UxMy00OTUzLWI1Y2EtOWM0Y2ViODc0YTU1LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74867,88119,75378,76982,78425,74939,78261,70550,70551,70552,73785,72332,70359],"class_list":["post-432110","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-altcoin","tag-altcoin-watch","tag-cardano","tag-charles-hoskinson","tag-hard-fork","tag-market-analysis","tag-tech-analysis","tag-federal-reserve","tag-inflation","tag-interest-rates","tag-markets","tag-nasdaq","tag-stocks"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/432110","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=432110"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/432110\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/432111"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=432110"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=432110"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=432110"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}