Cardano Price Stuck at Triangle Apex as CLARITY Act Deadline Looms

The Cardano price is currently trading at $0.1642, up 1.42%, as it sits at the apex of a technical triangle formation on its daily chart.

This situation has investors wondering if ADA's breakout will occur before or after the CLARITY Act deadline on August 8.

Bloomberg reports that up to 10 Democrats may vote in favor of the CLARITY Act, which could clear the 60-vote threshold and have a significant impact on Cardano's price.

However, investors also face a -12.8% median return for ADA in August, as well as heightened geopolitical risk due to an Iran missile strike and a 72% chance of a September Fed rate hike that could pressure the price.