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Well-followed veteran trader Peter Brandt has warned that Cardano (ADA) is showing a bearish continuation pattern.
Blunt To tell His 675,600 Twitter followers appear to see Cardano printing a pattern of downward facing triangles, suggesting a possible new leg on ADA.
But the legendary trader says his predictions don’t have to come true.
This is a fractal chart structure known as a descending triangle. If the fractal continues, ADA should drop another big drop.
Brandt’s predictions come with a side-by-side comparison chart of Cardano and Bitcoin (BTC). On the chart, both crypto assets are in a descending triangle pattern, but for different periods Cardano now and Bitcoin in 2018.
After continuing a descending triangle pattern for about 10 months, Bitcoin fell from around $6,000 to $3,200, a 47% decline.
According to the chart posted by Brandt, Cardano’s descending triangle pattern started about four months ago.
Cardano is trading at $0.464 and Bitcoin is trading at $19,926 at the time of writing.
Veteran traders’ analysis of ADA comes a week ahead of Cardano’s long-awaited Vasil hard fork. Vasils hard fork, which is expected to lower Cardano trading fees and increase scalability, is scheduled for September 22nd.
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