• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
  • Bitcoin Casino ReviewsTry
No Result
View All Result
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
  • Bitcoin Casino ReviewsTry
No Result
View All Result
NewsBTC
No Result
View All Result
Cardano
Nexo Logo

Why Peter Brandt Thinks Cardano’s Price Is The Definition Of “Ugly”

Reynaldo Marquez by Reynaldo Marquez
4 weeks ago
in Cardano
Reading Time: 2 mins read
Advertisement

Cardano (ADA) has been unable to follow through with its weekend bullish momentum. The cryptocurrency lost last week’s gains and seems poised for further losses as the crypto market trends sideways.

Related Reading | TA: Bitcoin Price Trims Gains, Key Breakdown Support Nearby

At the time of writing, Cardano (ADA) trades at $0.44 with a 5% loss in the last 24 hours.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!
Cardano ADA ADAUSDT
ADA’s price trends to the downside on the 4-hour chart. Source: ADAUSDT Tradingview

The cryptocurrency is at critical levels as $0.40 was operated as support during these past months’ bearish downside price action. Losing these levels could push ADA’s price back to its 2020 levels.

At that time, the cryptocurrency experienced a massive rally after a long period of sideways movement and consolidation. From 2019 until 2020, Cardano traded below $0.5 and $0.15 which would represent a devasting loss for investors that bought ADA in the past two years.

Legendary trader Peter Brandt suggests ADA could start descending into its 2020 levels. As seen below, Brandt claims that ADA’s price is following a head and shoulders pattern which spells future depreciation for this cryptocurrency.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!
Cardano ADA ADAUSDT
Source: Peter Brandt via Twitter

The legendary trader called ADA’s price chart “the very definition of ugly” and set $0.40 as a potential price target to the downside.

This head and shoulders pattern could be invalidated if Cardano’s bulls managed to push the price above $0.70 in the short term. Otherwise, there is little support for Cardano below $0.40.

Data from Material Indicators (MI) shows that most of the liquidity for the ADAUSDT trading pair is sitting above $0.44. There are around $1.5 million in bid orders below ADA’s price current levels and around $1 million in asks orders in the opposite direction.

Read our comparison of 50 different crypto casinos. Find out who has most generous bonuses, best UX, knowledgeable customer support and best provably fair games.

If the price follows the head and shoulders pattern into $0.40, as Brandt suggested, and continues to trend downside there are no bid orders that could operate as support. Therefore, ADA’s price could experience downside volatility.

Can Cardano Avoid A Doom Scenario?

At the same time, ADA’s price records a thin order book to the upside. If the price can sustain its current levels and make a run towards $0.50, there could be a change at invalidating Brandt’s head and shoulders pattern.

Material Indicators record an increase in selling pressure from retail investors. Investors with bid orders of around $1,000 (green in the chart below) have begun buying into Cardano’s price action.

Analysts from Material Indicators believe investors with these bid orders (in green below) are whales camouflaging as smaller investors. The relevance of Cardano’s current levels and the sudden increase in these orders suggests this possibility is likely for short timeframes.

Cardano ADA ADAUSDT
Investors with bid orders of $1,000 (green) buying into ADA’s price action. Source: Material Indicators

Related Reading | TA: Ethereum Revisits Key Support, Can The Bulls Protect More Losses

Maybe these ADA whales have begun accumulating and could be able to defend these levels. In higher timeframes, all investors class have begun selling including investors with asks orders of around $100,000 which supports Brandt’s scenario.

Tags: ADAADAUSDTCardano
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Reynaldo Marquez

Reynaldo Marquez

Related Posts

Cardano

Cardano (ADA) Regains Some Support But Rate Stuck Below Vital $0.50 Level

6 days ago
ADA

ADA Up 22% In Last 7 Days; Remains On Track To Test $0.6 Barrier

1 week ago
Cardano

Cardano Moves In The Red With The Market, Can The Price Of ADA Stay Above $0.46?

2 weeks ago
Cardano

Cardano Joins The Red Screen – How ADA Fell To $0.45 Over Last 24 Hours

2 weeks ago
Cardano

Cardano (ADA) Spikes 8%, Overtakes XRP In Last 24 Hours

2 weeks ago
Cardano

Cardano (ADA), After 35% Spike, Locks On Next Target: $0.55

3 weeks ago

Premium Partners

Top Brokers

PrimeXBT

PrimeXBT

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
7BitCasino

7BitCasino

Review · Visit
Punt Casino

Punt Casino

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bspin

Bspin

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit

LBank Exchange Will List Voice Street Token (VST) on August 15, 2022

August 9, 2022

LBank Exchange Will List Rare Fnd (FND) on August 9, 2022

August 9, 2022

The Main Reason Why GNOX (GNOX) Could Flip Dogecoin (DOGE) And Shiba Inu (SHIB) In 2023

August 8, 2022

The Next Bullish Wave in Crypto Could Generate Huge Profits for Uniglo (GLO), Fantom (FTM), and Optimism (OP)

August 8, 2022

The FishVerse Announces the First Ultimate Fishing Metaverse

August 8, 2022

ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2021 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play Games
  • Bet & Win
  • Bitcoin Casino Reviews

© 2021 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.