The skilled analyst Peter Brandt warns the owners of Cardano (ADA) and says that the fifth largest cryptocurrency could comply with the course of Litecoin (LTC) in 2018.

He informed his 549,300 Twitter followers that Cardano could be in the early phases of a possible downtrend, very like Litecoin did throughout the 2018 bear market.

I bear in mind being mercilessly ridiculed for figuring out this prime in $ LTCUSD again in mid-2018

Hello Cardano trolls $ ADAUSD , Aim… pic.twitter.com/3gytNHW4cR

– Peter Brandt (@PeterLBrandt) July 30, 2021

“I bear in mind getting ridiculed many occasions after I recognized this bearish LTC / USD sample in mid-2018.

ADA can rhyme, wait and see … “

According to Brandt’s chart, Cardano could give a significant reversal sign in the type of a head and shoulders sample with a cutout or key assist round $ 1. The head and shoulder sample is broadly thought of by analysts and is an indication of an impending bear market.

A break under the neckline of the sample at USD 1 could affirm Brandt’s bearish prediction.

He additionally highlighted Litecoin’s price motion in 2018 when it broke the USD 105 assist to information Cardano’s subsequent move.

Analyst Capo agrees with Brandt’s view, however says bears can have to push ADA under the road to affirm a reversal.

“This stage of assist has to final, I agree. And it should in all probability maintain up. “

Crypto strategist Michaël van de Poppe, who positioned himself towards Brandt’s bearish outlook on Cardano, mentioned the good contract platform could rebound 400% if it regained the important thing values ​​of the bitcoin pair.

“When the pair hits all-time low at 2,800 satoshis [khoảng $ 1,16], it could see a 170% – 190% acquire over the bitcoin pair.

I additionally anticipate the BTC / USD pair to rise as properly. If so, the ADA / USD pair could see a rally between 400% and 800%, particularly if the market heats up once more. “

Daily EGLD / BTC chart | Source: Michaël van de Poppe / Youtube

Van de Poppe identified that the present price motion of the ADA / BTC pair could be comparable to the price motion from March seventeenth to April twenty ninth (purple space). This means it should consolidate for a couple of month earlier than it explodes.

You can see the ADA costs right here.

Disclaimer: This article is for informational functions solely, not funding recommendation. Investors ought to analysis rigorously earlier than making a call. We are usually not chargeable for your funding choices.

SN_Nour

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