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Cardano (ADA) Price Will Tank, Says Renowned Trading Veteran Peter Brandt

Cardano (ADA) Price Will Tank, Says Renowned Trading Veteran Peter Brandt
Seasoned futures trader Peter Brandt predicts that Cardano (ADA) will drop to $0.25, keeping with a current descending triangle chart pattern.



According to Brandt, the downtrend started in mid-May 2022 and has continued unabated despite bullish events like the recent Vasil hard fork of the Cardano mainnet on Sep. 22, 2022.



I will not short ADA, Trader says



Brandt admits that charts do not always accurately predict price, but when they do, they work well. Brandt notably steers clear of altcoins but invests in Bitcoin and ETH in his capacity as a professional consultant.




The $ADAUSD chart is a classic descending triangle per Schabacker, Edwards and Magee and suggests a possible decline to sub .25. Do charts always work? — not really, but when they do it is a thing of beauty. Note — I do NOT short #8hitcoins pic.twitter.com/HP6mEbChJq — Peter Brandt (@PeterLBrandt) October 5, 2022




A descending triangle pattern is created by drawing a trend line from a high that touches the price of subsequent lower highs before joining with a straight line that passes through a group of lows. They are often used when traders are looking to open a short position on stock or cryptocurrency.



But Brandt has clarified that his bearish prediction does not indicate that he will short ADA, i.e., betting that the price will go down rather than up, as is usually the case with analysts that favor a descending triangle analysis.



T-Mobile software developer Chittabrata Saha said that Brandt’s analysis was the equivalent of “astrology science.”




Your chart science is equivalent of Astrology science. Which chart prediction reassembled the luna crash! — Chittabrata Saha (@chittabrata) October 5, 2022




Brandt had  predicted  that on Sep. 14, 2022, ADA should have a significant decline later in the year after it  flipped  XRP to become the seventh-largest cryptocurrency by market cap. He also  drew further attention  to ADA’s descending triangle on Sep. 23, 2022.



Brandt’s Bitcoin outlook



Ethereum maximalist Evan Van Ness has  criticized  Cardano (ADA) for being a “zombie blockchain” with a significantly lower transaction speed than decentralized exchange Uniswap, despite having a higher market cap than the automated market maker.



Leading up to the Vasil fork, ADA showed no increases in user activity or price,  showing  bearish movement instead. However, the total value locked in Cardano’s DeFi ecosystem rallied 6% after the Vasil upgrade.



Brandt  believes  that Bitcoin has a 50/50 chance of either reaching $100,000 -$250,000 or going to zero. He often shares charts of commodity prices and traditional stock market indexes and has authored a book on trading commodities using charting.







Got something to say about Peter Brandt and his opinion on Cardano (ADA) or anything else? Join the discussion in our Telegram channel. You can also catch us on Tik Tok , Facebook , or Twitter .




The post Cardano (ADA) Price Will Tank, Says Renowned Trading Veteran Peter Brandt appeared first on BeInCrypto .

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