Veteran analyst and trader Peter Brandt is issuing a warning to Cardano holders, saying that the fifth-largest cryptocurrency could be on the brink of following Litecoin’s 2018 price trajectory.
The popular crypto strategist tells his 549,300 Twitter followers that Cardano could be at the top of the price range and facing a potential downtrend, similar to what Litecoin (LTC) flashed during the height of the 2018 bear market.
I remember being scoffed at unmercifully when I identified this top in $LTCUSD back in mid 2018
Hey Cardano trolls $ADAUSD , take aim… pic.twitter.com/3gytNHW4cR
— Peter Brandt (@PeterLBrandt) July 30, 2021
According to Brandt’s chart, Cardano could be printing a large technical reversal figure in the form of a head and shoulders pattern with a neckline or key support area at around $1.00. A head and shoulders pattern is often seen by traders as a sign of a looming bear market. A move below the pattern’s neckline at $1.05, similar to Litecoin’s 2018 path when it breached support at $105, could confirm Brandt’s bearish prediction.
Fellow crypto analyst Capo agrees with Brandt’s evaluation but says that Cardano must first take out the support before a reversal can take place.
“That support has to hold, I agree. And it’s likely to hold.”
Taking an opposing stance to Brandt’s bearish outlook on Cardano, crypto strategist and trader Michaël van de Poppe says the smart contract platform could surge 800% if it reclaims key levels against Bitcoin.
“If we’re going to make a bottom around 2,800 satoshis [about $1.16], we can see a 170% and usually overshoot 190% trade on the Bitcoin pair.
I’m also expecting the value of Bitcoin against the US dollar to do well. So if we get into this region (0.00008 for ADA/BTC or $3.17), it’s probably going to result in a 400% to 800% move on the [ADA] US dollar value, especially given that the market is going to heat up once again.”
Follow us on X, Facebook and TelegramDon't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/IM_VISUALS
