- Peter Brandt, a veteran trader who is heavily followed by the crypto community, warned that a popular Ethereum rival altcoin is showing a bearish trend.
Brandt said in a statement on Twitter that the smart contract platform has 675,600 followers. Cardano (ADA) having a bearish chart pattern descending triangle He noted that it appears to be exhibiting the (falling triangle) pattern, indicating the possibility of a new bearish for ADA.
However, the legendary trader also explained that this prediction does not necessarily have to come true:
“This is a fractal chart structure called a falling triangle. If the fractal continues, it means that ADA may experience another significant drop. This ‘could happen’ is not certain.”
Brandt, ADA estimate Cardano and Bitcoin (BTC) it supports it with a cable compared side by side. In the chart, both cryptoassets are in a descending triangle pattern in different periods (Cardano is now and Bitcoin is in 2018).
After staying in a descending triangle pattern for about 10 months, Bitcoin experienced a 47 percent drop from $6,000 to $3,200 in 2018.
According to the chart published by Brandt, Cardano’s descending triangle pattern started about four months ago.
Cardano is trading at $0.464 at the time of writing, while Bitcoin is trading at $19,926.
Experienced trader’s ADA analysiswas shared less than a week before Cardano’s highly anticipated Vasil hard fork. Cardano’s Vasil hard fork, which is expected to lower transaction fees and increase scalability, is scheduled for September 22.
Cardano has recorded millions of transactions since Vasil’s announcement
Cardano’s network has processed more than 50 million transactions in total, marking a new milestone for the cryptocurrency. According to Cardanoscan.io, the platform has more than 50,033,448 at the time of writing. process completed.
Congratulations to 50 million transactions #Cardano. 🥳 pic.twitter.com/dNGi4KUqQJ
— Ed n’ ₳ltcoins (@EdnStuff) September 15, 2022
When the announcement about the Vasil upgrade was made in early June, the number of transactions of the platform was announced as 42.5 million by the Cardano foundation. But now, that number has increased to almost 8 million.
The Vasil hard fork was originally scheduled to be released in late June, but the upgrade was delayed due to the need for further testing.
In late June, Cardano blockchain developer Input Output made a statement announcing that the countdown has begun for the Vasil network upgrade following the release of Vasil node 1.35.0.
On July 3, the IOG team pushed the testnet to Vasil functionality so testing continued. Vasil hard forkThe upgrade, which is scheduled to take place on the mainnet on September 22, is expected to significantly increase transaction volume.
Vasil’s hard fork has now come to an end
The Vasil upgrade has come to an end and there are some very important dates to watch out for. First, on September 19, the mainnet update proposal is expected to be submitted to trigger the September 22 hard fork event. This will also start the transition period from Alonzo to Babbage.
Since IOG has stated that Vasil’s ability will be available at the start of period 366 on September 27, it’s thought it might take up to five days for Vasil’s ability to become available on the mainnet. The Plutus V2 cost model will also be available on the mainnet on this date.
According to the latest IOG report on ecosystem readiness, 98% of mainnet blocks have already been created by Vasil node candidate 1.35.3, indicating that the “node readiness” metric has already been met. Also, seven of the top twelve exchanges by liquidity, namely Binance, Upbit, MEXC, Bitrue, AAX, WhiteBIT and BKEX, indicated that they are ready for the Vasil upgrade.
You can check the price movements 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.