In keeping with the current descending triangle chart pattern, experienced futures trader Peter Brandt predicts that Cardano (ADA) will fall to $0.25.
Brandt says that the downtrend started in the middle of May 2022 and hasn’t stopped, even though positive events like the recent Vasil hard fork of the Cardano mainnet on September 22, 2022, have been happening.
Trader declares, “I will not short ADA.”
Charts don’t always accurately predict prices, but when they do, they work well, Brandt admits.As a professional consultant, Brandt invests in Bitcoin and ETH while notably avoiding altcoins.
Draw a trend line from a high that touches the price of lower highs before joining a straight line that goes through a group of lows to create a descending triangle pattern.When looking to open a short position on a stock or cryptocurrency, traders frequently make use of them.
However, as is typically the case with analysts who favor a descending triangle analysis, Brandt has clarified that his bearish prediction does not imply that he will short ADA. Shorting ADA means betting that the price will go down rather than up.
Chittabrata Saha, a software developer for T-Mobile, referred to Brandt’s analysis as “astrology science.”
After flipping XRP to become the seventh-largest cryptocurrency by market cap, Brandt had predicted that on September 14, 2022, ADA would experience a significant decline later in the year.On September 23, 2022, he also paid even more attention to the descending triangle of the ADA.
Brandt’s Bitcoin perspective
Despite having a larger market cap than the automated market maker, Ethereum maximalist Evan Van Ness has called Cardano (ADA) a “zombie blockchain” with significantly slower transaction speeds than the decentralized exchange Uniswap.
ADA showed bearish movement instead of increases in user activity or price prior to the Vasil fork.However, following the Vasil upgrade, the total value locked in Cardano’s DeFi ecosystem increased by 6%.
According to Brandt, there is a 50/50 chance that Bitcoin will either reach $100,000 to $250,000 or nothing at all.He has written a book on commodity trading using charting and frequently shares charts of commodity prices and traditional stock market indexes.
