Why Cardano Must Hold $1.25 To Chase Off The Bears, Says Legendary Trader Peter Brandt
11 August 2021 - 4:00AM
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Cardano follows the general sentiment in the market and has seen
appreciation over the past weeks. Although Bitcoin, Ethereum, and
other major cryptocurrencies have been in a red market for months,
ADA has displayed resilience staying well above its yearly open. At
the time of writing, Cardano (ADA) trades at $1.58 with profit
across the board. In the daily and weekly charts, ADA records a
7.4% and 20.2% profit. The market capitalization stands at $50
billion making it the fifth-largest cryptocurrency by this metric.
Legendary trader Peter Brandt has been keeping a close eye on ADA’s
performance and recently provided a bullish analysis. Previously,
Brandt identified a potential Head and Shoulders pattern to support
a bearish thesis but change his mind as ADA was able to hold the
critical support at $1.25. Cardano must stay above this level in
order to sustain the bullish momentum. Otherwise, it could re-test
support below $1. Brandt said: New development in Cardano $ADAUSD
The advance through the Jul 4 high goes a long way to negate the
potential bearishness of the H&S top in this crypto. In fact,
this price action can be viewed as bullish as long as price remains
above 1.25. This development has taken place after Brandt compared
Cardano (ADA) with Litecoin (LTC) in 2018. At that time, the latter
cryptocurrency formed a head and shoulders pattern that led to a
substantial drawdown. Brandt missed on its prediction with ADA, as
it turned to the upside, he added: When facts and circumstances
change, I change my opinion. What about you? Inventor Of Cardano
Called Out Peter Brandt On His Prediction ADA’s price action has
been mainly driven by the rollout of its smart contract
capabilities. To deploy with the Hard Fork Combinator (HFC) event
Alonzo, developers, and part of the community is currently testing
the platform and making good progress, according to Charles
Hoskinson, CEO of IOG and inventor of Cardano. In one of his Ask Me
Anything (AMA) sessions, Hoskinson showed his disagreement with
Brandt’s prediction. He believes that the trader’s analysis lacks
support and is based on “his interpretation of arbitrary charts”.
Hoskinson added: Technical analysis worked well before computers,
and when people were trading with some degree of intuition, or
along with fundamental analysis. In the age of quants and AI black
box models and big data and these things, looking at a simple chart
for candles, it makes no sense at all. On Alonzo, Hoskinson
revealed that the project is “on schedule”. The team at IOG is
currently working on two main components, the HFC event to deliver
the smart contract capabilities to the nodes and made those
transactions valid on the mainnet and the infrastructure builds
around the nodes. He added: (…) that means we can do the Hard Fork
(for Alonzo) relatively soon. My belief is within four to six
weeks. So, late august early September.
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