Longtime commodity trader Peter Brandt shared his negative analysis for an altcoin project. Brandt, who made a name for himself in the crypto space with his accurate predictions for Bitcoin (BTC), pointed to Cardano’s daily chart. Here are the details…
Peter Brandt expects drop in popular altcoin ADA
cryptocoin.com Peter Brandt, who came up with the predictions of Bitcoin, XRP, which turned out to be correct, as we reported, shared a new comment. This time, his tweet focused on Cardano, the eighth largest cryptocurrency. He noted that the ADA price will likely fall further. Brandt pointed out that the token is in the process of forming a descending triangle on its daily chart. If the bearish pattern ends, the ADA price will likely exhibit “another significant drop”.
The native cryptocurrency of Cardano Blockchain is currently trading at $0.469, down 1.2 percent. The Vasil upgrade scheduled for September 22 is expected to be a major bullish catalyst for the ADA token. However, given the levels that analysts are pointing out, it may struggle to meet the broader bearish trend.
What is the latest situation in Cardano price?
The ADA price had gained a slight momentum in the general cryptocurrency bullishness over the past few days. However, the last day, Bitcoin’s decline to $ 20,000 and depreciation of $ 2,000 negatively affected crypto. ADA has dropped 2.2 percent in the last 7 days. On the other hand, its rise in the last 14 days was 5.1 percent.
If we look at broader timeframes, the cryptocurrency has lost 80.4% in the past year. ADA last recorded an all-time high of $3.09 on September 2, 2021, a little over a year ago. It is currently 84.8 percent below that level.
Ecosystem developments do not slow down
Regardless of price, Cardano serves a pretty broad base. According to data from Contora, a blockchain intelligence company that tracks the development and growth of crypto projects, Cardano has recorded intense blockchain development activity. It took the top spot with more than 350 Github shares in the previous month. In particular, it is worth noting that crypto projects such as Ethereum and Solana have around 270 shares.
In a blog post, the blockchain research firm explained how the team came to this decision. First of all, he stated that he changed the data tracking algorithm. He then explained that all contributors arrived after double-checking their GitHub repositories. GitHub is a project that connects developers around the world to create a single project.
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