Veteran Trader Peter Brandt Posts Dangerous Cardano Chart Pattern

Veteran trader Peter Brandt has posted an ominous chart pattern for the Cardano price, which he tagged “Without comment ADA.”

Charles Hoskinson, the founder of ADA, comments on the seasoned trader’s post by saying he is “also super astonished.” “Once again, chart people seem to have forgotten that there appears to be a whole universe out there. It has supply chains, nations, economies, and central banks.

And all of those elements do in fact affect markets. Moreover, I’m very astonished “He responded by saying. The experienced trader identified a troubling chart pattern that is related to the “descending triangle” — a negative formation that typically develops as a continuation pattern during a slump.

The price consolidates within a range denoted by a falling upper trendline and a horizontal lower trendline, forming a descending triangle. The second horizontal trendline also connects a series of lows, and the upper trendline connects a series of lower highs. Price can often fall as far as the height of the triangle before the triangle resolves after a break below the lower trendline.

Markets that are not tied to reality- Cardano

Cardano has experienced a wave of positive news since the beginning of September, including its listing on the stock brokerage app Robinhood and the successful Sept. 22 rollout of the Vasil update.

To the delight of the ADA community, the Vasil update was activated on the mainnet at 9:44:00 UTC on September 22. The Vasil update aims to give ADA more versatility, speed, and scalability.

Intriguingly, the upgrade debuts in the month of Gerolamo ADA’s birth, one of the most important mathematicians of the Renaissance and the man the Cardano blockchain was named after.

Cardano is celebrating its fifth anniversary as well as its fifth birthday. After the next epoch, which is on September 27, developers will have access to the full Vasil capacity thanks to the Plutus V2 pricing model that the IOG team successfully uploaded to the mainnet on September 23.

When asked about the poor performance of ADA, ADA founder Charles Hoskinson said that the markets had entered a bearish phase. Additionally, the developer of Cardano asserts that markets are distant from reality because Cardano is at its strongest ever right now.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

Annie

CoinCu News