The price of Cardano (ADA) has dropped by over 20% from its highest point this year, with legendary trader Peter Brandt warning that there may be further downside ahead. Brandt pointed to a head and shoulders chart pattern on both the daily and four-hour charts, suggesting that the price could crash to $0.629, approximately 32% below its current level. Furthermore, third-party data indicates weak fundamentals for Cardano, including a decline in total value locked in its DeFi ecosystem and a decrease in the number of active addresses. Additionally, Cardano's futures open interest has been on a downward trend, indicating decreasing demand in the futures market.



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