Cardano risks 60%-90% drop, warns trader with ADA painting a classic bearish pattern

is close to attaining the title of a fully-fledged smart contracts platform following a critical upgrade in mid-July. The project’s founder Charles Hoskinson confirmed that they recently processed the sales of more than $10 million worth of non-fungible tokens atop their public ledger.

Moreover, SundaeSwap, the first DeFi DEX to utilize Cardano smart contracts is expected to launch soon, and many ADA investors interpret this as a potential bullish catalyst for the altcoin.

Cardano’s head and shoulder setup. Source: TradingView.com, Peter Brandt