In the long run, Cardano (ADA) is one of the most successful and most promising projects on the market. However, be careful at the moment. A standard technical figure appeared on the ADA chart, as pointed out by veteran in the world of trading Peter Brandt. This condition can lead to drop of 60 to 90% of the current price.
Is the ADA heading to the top?
Cardano is well on its way to achieving the valuable title of a smart contract platform. The founder of the project, Charles Hoskinson, confirmed the successful results of the July innovations as well as the processing of the sale of non-fungible tokens worth more than 10 million USD.
Another very important event for Cardano is the launch of SundaeSwap. It is the first DeFi DEX to use Cardano’s smart contracts. Many investors see this event as a huge chance for a big bullish increase.
ETH’s biggest competitor is undoubtedly growing, but how will recent events affect the ADA token? According to the latest analysis from the trader and CEO of Factor LLC, Petr Brandt, this does not look very positive.
Are we waiting for a drop of 60 to 90%?
Analyst Peter Brandt refers to a classic technical formation known as the “head and shoulders.” Thus, three consecutive peaks were created on the ADA chart at one support level. The price should most likely fall below the level of support, which is called the “neckline”. The drop will then be as large as the maximum height between the middle peak and the support.
The ADA clearly corresponds to this description, which can be seen in the graph itself. According to analyst Brandt, we will see a drop to the level of 0.12 USD, which is up to 90% compared to the current price. Peter Brandt has made himself visible in the past with several successful analyzes. That is why he rightly speaks of his record in price peak forecasts. His last popular analysis was Litecoin. With LTC, Brandt was able to correctly estimate the price boom when The LTC managed to climb from 4 to 420 USD.
“I remember being ruthlessly ridiculed when I identified a peak on the LTC / USD pair in mid-2018. So if you’re watching Cardano, it’s time to wake up. “