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Veteran commodity trader Peter Brandt says one Ethereum Challenger is forming a chart pattern that shouts “ugly.”
Brandt, known as the 2018 Cryptographic Collapse, told 668,000 Twitter followers that ETH rival Cardano (ADA) appears to be ready for further pain.
Brant is based on his analysis that what he says is the formation of the head and shoulders (H & S), a classic price behavior pattern that traditionally suggests approaching a downward urge.
“Unless the June 16 highs violate $ ADA upwards, it could be the very definition of” ugly “in the photo.
And for all “One Year Wonders” Chartists, this is a continuous H & S pattern. “
Last week, Brandt also called for further downward action on Bitcoin (BTC). According to him, BTC has formed a series of classic bearish pennant patterns that lead to downward movements, with the next being likely to approach soon.
“When it looks like a pennant and behaves like a pennant, it’s often a pennant.”
In contrast to Brant’s view of Cardano, other analysts are more optimistic and more affordable. According to closely followed crypto analyst Michaellvande Poppe, Cardano has more than 17% of decent shots of the rally in the coming days.
“It looks like we’re ready to continue because of the reversal of resistance to support in the $ 0.46 region. We need to confirm the same at the $ 0.47 level. , Suitable for acceleration. We are aiming for $ 0.55 as the next region. “
At the time of writing, Cardano (ADA) was trading at $ 0.44, down 3% on the day.
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Featured Image: Shutterstock / Kartavaya Olya
