Senior commodities trader Peter Brandt has credited Ethereum rival Cardano (ADA) with a chart pattern that screams “ugly”. reported.
Brandt, who gained popularity by correctly predicting the 2018 crypto crash, told his 668,000 Twitter followers that ETH rival Cardano (ADA) is poised for further declines.
Brandt bases his analysis on the downward head and shoulders pattern. The foreboding head-and-shoulder pattern is essentially a technical analysis that signals the end of an uptrend. It is necessary to observe the formation of an upward trend before the formation of the formation. After this formation, the price is expected to move downwards.
Potentially the very definition of “UGLY” in a picture unless Jun 16 high is violated to upside $ADA
And, for all of you “one-year wonder” chartists, this IS a continuation H&S pattern pic.twitter.com/yu9Ptk1Dka
— Peter Brandt (@PeterLBrandt) July 11, 2022
Cardano needs to close above $0.54 (June 16 high) to retake the bullish momentum.
Koinfinans.com As we reported, last week Brandt called for more downward movement in Bitcoin (BTC). According to the analyst, BTC is forming a series of classic bearish pennant patterns leading to bearish moves and the next drop could be imminent.
“When he looks like a streamer and acts like a streamer, he’s usually a streamer.”
Unlike Brandt’s analysis of Cardano, other analysts are more optimistic on price.
According to closely followed crypto analyst Michaël van de Poppe, Cardano has a chance of a recovery of over 17% in the coming days.
“Cardano looks ready to continue as support transforms into resistance in the $0.46 region. We should see the same at the $0.47 level and then we’ll be ready to accelerate. The next region to target is $0.55.”
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.