HomeAltcoinAccording to this analyst, Cardano will plummet below $0.25.

According to this analyst, Cardano will plummet below $0.25.

-

Given the generally stressful environment in the cryptocurrency market, it is hardly unexpected that the Cardano blockchain upgrade with the Vasil hardfork did not result in a fervent rise.

However, as seasoned trader Peter Brandt saw upon careful examination of the chart, ADA/USD may soon come under more bearish pressure.

The price of the cryptocurrency has fallen from the high of the $0.64 to the $0.42 support during the previous several months, forming a descending triangle. This pattern frequently suggests that more losses could be anticipated if support is unable to withstand pressure to the downside, as Brandt explained:

“According to Schabacker, Edwards, and Magee, the ADA/USD chart is a traditional descending triangle. Everything suggests that there may be a fall below $0.25.”

Charles Hoskinson, the creator of Cardano, does not place much stock in such technical analysis. From his perspective, it does not take into account macroeconomic issues, which invariably affect the price.

Leave a Reply

LATEST POSTS

Solana’s Phantom Wallet Opens to Ethereum and Polygon.

In the near future, the Ethereum (ETH) and Polygon (MATIC) blockchains will be added to the Phantom digital wallet, which was previously restricted to the...

Why is the SOL falling? – Bitcoin, Ethereum & Co on the rise.

Solana is still experiencing problems related to the FTX issue, and as a result, it is the only top 20 cryptocurrency with a price that...

Customers go from RippleNet to ODL as a result of Ripple new business.

In the meanwhile, Ripple has established a reputation among financial institutions and payment service providers in the area of cross-border payments. It is now necessary...

FTX permanently abandons SBF.

On November 11, former billionaire Sam Bankman-Fried (SBF) resigned from his position with FTX. He had been CEO up to that point, and given what...

Follow us

0FansLike
3,601FollowersFollow
0SubscribersSubscribe

Most Popular

spot_img
%d bloggers like this: