Veteran trader Peter Brandt, known for his Bitcoin (BTC) predictions, shared his negative comments for an altcoin. According to Brandt, Cardano (ADA) is at a disadvantage. Here are the details…
Brandt predicts decline for Cardano
Veteran trader Peter Brandt, known for his accurate predictions in the crypto market, shared the ADA chart in a tweet Friday. He pointed out that the asset is starting to form its descending triangle chart pattern. Meanwhile, Brandt had closed the replies section of his tweet. So Twitter users could not respond to Brandt’s post. It is worth noting that Brandt first shared his chart pattern a week ago and claimed that if the asset stays in the descending triangle, it will experience another significant decline.
Without comment $ADA $ADAUSD pic.twitter.com/4VSB344lC1
— Peter Brandt (@PeterLBrandt) September 23, 2022
Brandt’s latest tweet comes just after Cardano successfully rolled out an important update two days ago. cryptocoin.com As we have also reported, the long-awaited Vasil hard fork went live on Thursday after months of delay. This update promised improved scalability and smart contract functionality.
This is a fractal chart construction known as a descending triangle. If it continues in the fractal, $ADA should have one more significant decline. "Should," not "must" pic.twitter.com/b3ZL7NTdYj
— Peter Brandt (@PeterLBrandt) September 14, 2022
Criticized by altcoin fans
Brandt’s tweet attracted ADA fans, who claimed that the technical analyst did not have confidence in his analysis. The veteran trader was criticized by Cardano users who quoted his tweet for choosing to disable comments. In addition, Cardano founder Charles Hoskinson also criticized Brandt’s analysis. He blamed Brandt for failing to take macroeconomic conditions into account in his analysis using the same tool. Hoskinson used the following statements:
The chart seems to forget that it’s a whole world once again. Like central banks, nations, economies, supply chains and even wars. Isn’t it surprising? And all of these factors actually have an impact on the markets. I was very surprised too.
Chart people once again forget to remember that there is apparently an entire world out there. It has like central banks, nations, economies, supply chains, and even wars. Amazing right? And all of those factors actually have an impact on markets. I'm also super surprised https://t.co/jshu9SSGoF pic.twitter.com/UohlUlgIjQ
— Charles Hoskinson (@IOHK_Charles) September 23, 2022
More than 70 percent of the supply is staked
Specifically, Hoskinson had previously expressed his belief that the current state of crypto markets does not accurately reflect the strength of crypto projects and that Cardano is stronger than ever. Hours before the Vasil hard fork, some Cardano statistics shared by Hoskinson revealed that over 25 billion ADA had been staked. This represents more than 70 percent of the total supply. That is, it reflects strong long-term investor belief. Additionally, social interest in the asset has increased, as reported by Santiment.
ADA is currently trading down 0.9 percent in the last 24 hours. Ranked eighth by market capitalization, ADA is changing hands at $0.46 at the time of writing. It has also lost 2.9 percent in value over the past seven days. Influenced by the overall cryptocurrency market.
