Seasoned Futures trader Brandt noted that the price of ADA coin is continuously following a downtrend despite its most important development work “Vasil Hardfork”.
On 5 October, Peter Brandt, CEO of global trading firm Factor LLC, took to Twitter to share his study & analysis of the ADA coin.
Brandt said that the classic chart of the ADA coin is following a triangle form downtrend and this is hinting that it may plunge to around $0.25, if it will follow the same pattern.
“The $ADAUSD chart is a classic descending triangle per Schabacker, Edwards, and Magee and suggests a possible decline to sub .25.”
At the same time, Brandt indirectly warned people to remain away from this analysis to implement in trading activities. He said that charts don’t always work. And also he said that he will not short his ADA holding but he lebbled ADA coin as a shitcoin.
A Twitter follower asked Brandt to give clear financial advice on ADA. Brandt indirectly said that he is not a fan or fond of Cardano (ADA), instead, he likes Ethereum & Bitcoin.
At the time of writing this article, the price of the ADA coin is $0.4314 and this price is up by around 0.6%, while down by around 81% over the last 12 months of trade value.
On 23 September, IOHK, the developer team behind Cardano blockchain, successfully introduced Vasil Hardfork in Cardano blockchain but that important development work failed to impact the price of the ADA coin.