Peter Brandt, a leading futures trader, has issued a pessimistic forecast for ADA – fears of a steep fall.
Despite the bearish climate in which the cryptocurrency markets have been mired recently, Cardano has held up very nicely above the support at $0.42. After successfully implementing the Vasil hard fork, the asset has received some positive feedback.
Brandt’s ADA Predictions
Peter Brandt has tweeted another prediction for the future of ADA price. Brandt noted that the ADA graph has been stuck in a descending triangle since June. As shown in the attached bar chart, the price declined from a June 8 high of $0.64 and broke the July support level of $0.42.
Although ADA did recover quickly from its lows, it has since been trading in a falling triangle. Brandt made this observation, referencing the work of eminent analysts like Richard Schabacker.
Due to the lack of a breakout from the descending triangle, he predicts that ADA could break below several support levels and reach $0.25; A low that was probably only seen in January last year.
Hoskinson’s Curt Reply
Nevertheless, Brandt acknowledged that charts don’t always perform as analysts would expect, and clarified that he would not be shorting ADA as he considers it a shitcoin.
“But when they do, it is a thing of beauty. To be clear, I do not short #8hitcoins”.
This isn’t the first time Brandt has made bearish predictions for this asset. In fact, the descending triangle was initially highlighted by the critic.
Cardano inventor Charles Hoskinson reacted by drawing Brandt’s attention to the fact that many variables, such as macroeconomic conditions, can affect the price of an asset, and whenever someone comments against it. If so, it should be taken into account.
In Conclusion
As of press time, ADA is trading at $0.430, with a decrease of 0.45% over the previous 24 hours. The asset increased to $0.431 on Thursday after falling to $0.4247 on Wednesday.
It is hard to imagine a break below the $0.42 support level, but if Brandt’s analysis is correct, the Cardano community could soon face difficulties in the coming days.
Cardano is one of the more prominent altcoins in the crypto space, and such a drastic drop may also wreak havoc on the other coins.
