Veteran analyst and dealer Peter Brandt is issuing a warning to Cardano holders, saying that the fifth-largest cryptocurrency may very well be on the point of following Litecoin’s 2018 value trajectory.
The favored crypto strategist tells his 549,300 Twitter followers that Cardano may very well be on the high of the worth vary and dealing with a possible downtrend, just like what Litecoin (LTC) flashed in the course of the top of the 2018 bear market.
I bear in mind being scoffed at unmercifully once I recognized this high in $LTCUSD again in mid 2018
— Peter Brandt (@PeterLBrandt) July 30, 2021
Based on Brandt’s chart, Cardano may very well be printing a big technical reversal determine within the type of a head and shoulders sample with a neckline or key assist space at round $1.00. A head and shoulders sample is usually seen by merchants as an indication of a looming bear market. A transfer beneath the sample’s neckline at $1.05, just like Litecoin’s 2018 path when it breached assist at $105, might verify Brandt’s bearish prediction.
Fellow crypto analyst Capo agrees with Brandt’s analysis however says that Cardano should first take out the assist earlier than a reversal can happen.
“That assist has to carry, I agree. And it’s more likely to maintain.”
Taking an opposing stance to Brandt’s bearish outlook on Cardano, crypto strategist and dealer Michaël van de Poppe says the sensible contract platform might surge 800% if it reclaims key ranges in opposition to Bitcoin.
“If we’re going to make a backside round 2,800 satoshis [about $1.16], we are able to see a 170% and normally overshoot 190% commerce on the Bitcoin pair.
I’m additionally anticipating the worth of Bitcoin in opposition to the US greenback to do properly. So if we get into this area (0.00008 for ADA/BTC or $3.17), it’s in all probability going to lead to a 400% to 800% transfer on the [ADA] US greenback worth, particularly provided that the market goes to warmth up as soon as once more.”
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