Cardano Trapped in Triangle Formation Ahead of CLARITY Act Deadline

The Cardano (ADA) price is currently trading at $0.1642, up 1.42%, and sitting at the apex of a triangle formation on its daily chart.

The technical triangle has ADA investors eagerly awaiting a directional decision, with some anticipating a breakout before the CLARITY Act deadline on August 8. However, history may not be on their side, as August has proven to be the worst month for Cardano's calendar, with a median return of -12.8%.

The current geopolitical landscape also adds to the uncertainty, with heightened tensions following an Iran missile strike on a US base in Jordan. Furthermore, there is a 72% chance of a September Fed rate hike, which could put downward pressure on ADA's price and fundraising efforts.