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Seasoned futures trader Peter Brandt predicts that Cardano (ADA) will drop to $0.25, keeping with a current descending triangle chart pattern.
According to Brandt, the downtrend started in mid-May 2022 and has continued unabated despite bullish events like the recent Vasil hard fork of the Cardano mainnet on Sep. 22, 2022.
I will not short ADA, Trader says
Brandt admits that charts do not always accurately predict price, but when they do, they work well. Brandt notably steers clear of altcoins but invests in Bitcoin and ETH in his capacity as a professional consultant.
The $ADAUSD chart is a classic descending triangle per Schabacker, Edwards and Magee and suggests a possible decline to sub .25. Do charts always work? — not really, but when they do it is a thing of beauty. Note — I do NOT short #8hitcoins pic.twitter.com/HP6mEbChJq
— Peter Brandt (@PeterLBrandt) October 5, 2022
A descending triangle pattern is created by drawing a trend line from a high that touches the price of subsequent lower highs before joining with a straight line that passes through a group of lows. They are often used when traders ar
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