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Legendary trader Peter Brandt says Cardano (ADA) is forming a technical pattern that suggests a major downside price move for its Ethereum (ETH) rival.
Brandt tells his 676,000 Twitter followers that he predicts that Cardano is trading in a descending triangle pattern, which could lead to a 42% drop in ADA prices.
According to Shabacker, Edwards and McGee, the ADA/USD chart is a classic descending triangle, suggesting a possible drop to below $0.25. Will the chart always work? , when you do, it’s a beautiful thing.
John Magee, Richard D. Edwards, and Richard W. Schabacker are popular technical analysts who helped create the “Descending Triangle” pattern in the 1930s and 1940s.
Brandt’s Cardano analysis comes as blockchain analytics firm Santiment reports that traders are turning on ADA, along with two other crypto assets, with record-low sentiment.
Cardano, EOS and Tron are three assets that were once popular and the trading crowd has started to turn on them. prices could rebound and unwind them.
At the time of writing, ADA is valued at $0.422, roughly flat over the past 24 hours.
Looking at Bitcoin, Blunt said Bitcoin currently presents one of the biggest risk-to-reward trades in the market.
Back in 2018, I unapologetically stated that there was a 50% chance that Bitcoin BTC would be $100,000/$250,000 and a 50% chance that it would be zero. It means that BTC represents a highly asymmetric reward and risk trade.
As of this writing, Bitcoin is trading at $19,405, flat for the day.
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