Cardano (ADA) looks set for more downside.
In a tweet on Friday, veteran trader Peter Brandt with a history of making very accurate calls in the crypto market, refusing to allow comments shared his ADA chart showing that the asset remained in a descending triangle chart pattern.
Without comment $ADA $ADAUSD pic.twitter.com/4VSB344lC1
— Peter Brandt (@PeterLBrandt) September 23, 2022
It bears mentioning that Brandt first shared the chart pattern over a week ago, asserting that if the asset remained in the descending triangle, it is likely to have one more significant decline.
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
Brandt’s most recent tweet comes just after Cardano successfully executed a significant upgrade two days ago. The long-anticipated Vasil hard fork that promised improved scalability and smart contract functionality went live on Thursday after months of delay.
Unsurprisingly, Brandt’s tweet did not go well with the Cardano faithful, who resorted to using quote tweets to call out the veteran trader for choosing to disable comments, asserting that the technical analyst lacked confidence in his analysis. In addition, Cardano founder Charles Hoskinson using the same medium, faulted Brandt for not factoring macroeconomic conditions in his analysis.
“Chart people once again forget to remember that there is apparently an entire world out there,” said Hoskinson. “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.”
Notably, Hoskinson had previously asserted that the current state of the crypto markets does not accurately reflect the strength of crypto projects, expressing his belief that Cardano is stronger than ever. Hours before the Vasil hard fork, some Cardano stats shared by Hoskinson revealed that over 25 billion ADA had been staked, representing over 70% of the total supply, reflecting strong long-term investor conviction. Additionally, the asset has seen increased social interest, as reported by Santiment.
ADA is currently trading at the $0.4653 price point, 1.08% lower in the last 24 hours.
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