Cardano is holding above the support at $0.42 even despite the bearish environment that the crypto markets are stuck in. After the successful launch of the Vasil hard fork, sentiment towards the token has improved, but there is no need to talk about significant growth.
Experienced trader Peter Brandt tweeted another ADA price prediction and stressed that the price has been in a descending triangle since June. On June 8, the token fell from a high of $0.64 below support at $0.42.
The ADA/USD chart is a classic descending triangle of Shabaker, Edwards and Magee and suggests a possible move below 0.25,” Brandt wrote in a tweet.
The failure of the ADA to stage a breakout of the descending triangle indicates that the asset could fall below several support levels to $0.25, he said. The last time this level was recorded in January last year.
However, Brandt acknowledged that charts don’t always work the way analysts read them. Along the way, he added that he does not short shitcoins.
Brandt did a similar analysis of ADA last week, and Cardano founder Charles Hoskinson reminded him that macroeconomic conditions influence the asset’s price to a much greater extent.
Members of the Cardano community were much less restrained in their comments and apparently pissed off the seasoned trader, as this time the word “shitcoin” came up in his analysis.
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