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.
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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Featured Image: Shutterstock/Kartavaya Olya