Cardano ADA price will drop to $0.25, according to seasoned trader Peter Brandt, keeping with a current descending triangle chart pattern.
Cardano price started a downtrend in mid-May 2022, according to Brandt, and ADA has continued unabated despite bullish Cardano news like the recent Vasil hard fork on Sep. 22, 2022.
I will not short Cardano ADA price, Brandt says
Brandt admits that Cardano price charts do not always accurately anticipate ADA price moves, but when they do, they work well. The trading veteran notably steers clear of altcoins but invests in Bitcoin price and Ethereum price in his capacity as a professional consultant.
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 crypto
Still, Brandt has clarified that his bearish Cardano price prediction does not indicate that he will short ADA price, i.e., betting that the price of Cardano 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,” dissing his Cardano price prediction.
Brandt had predicted that on Sep. 14, 2022, ADA price 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 Cardano price as it formed a descending triangle on Sep. 23, 2022.
Bitcoin price has a 50% chance of reaching $250,000
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 hard fork, ADA price showed no increases. User activity was lacking as well, showing bearish movement instead. However, the total value locked in the Cardano DeFi ecosystem rallied 6% after the Vasil upgrade.
Brandt believes that Bitcoin price 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. Peter Brandt has authored a book on trading commodities using charting.
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