Veteran commodities trader Peter Brandt says that one Ethereum challenger is forming a chart pattern that screams “ugly.”
Brandt, known for calling the 2018 crypto collapse, tells his 668,000 Twitter followers that ETH rival Cardano (ADA) looks ready for more pain.
[adinserter block="1"]Brandt bases his analysis on what he says is a head and shoulders (H&S) formation, a classic price action pattern that traditionally suggests an approaching downward impulse.
“Potentially the very definition of “UGLY” in a picture unless Jun 16 high is violated to upside $ADA
And, for all of you “one-year wonder” chartists, this IS a continuation H&S pattern”
Last week, Brandt also called for more downward action in Bitcoin (BTC). According to him, BTC has been forming a series of classic bearish pennant patterns that lead to downward moves, and the next one could be approaching soon.
“When it looks like a pennant and acts like a pennant it is often a pennant.”
Contrary to Brandt’s take on Cardano, other analysts are more optimistic, pricewise. According to closely followed crypto analyst Michaël van de Poppe, Cardano has a decent shot of rallying over 17% in the coming days.
“This one is looking ready for continuation as a resistance-to-support flip has been taking place at the $0.46 region. We need to see the same on the $0.47 level and then we’ll be good for acceleration. Targeting $0.55 as the next region.”
At time of writing, Cardano (ADA) is trading for $0.44, down 3% on the day.
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