Cardano Major Crash On The Way - Big Price Drop Predicted.
2021-07-31 | Big Bob

Cardano is
on the brink of attaining the title of a fully-fledged smart contracts platform following an important upgrade in mid-July. The project's founder Charles Hoskinson confirmed that they recently processed sales of over $10 Mln worth of NFTs [Non-Fungible Tokens] atop their public ledger.
Additionally, SundaeSwap,
the primary DeFi DEX to utilize Cardano smart contracts
is predicted to launch soon,
and a lot of ADA investors interpret this as
a possible bullish catalyst for the altcoin.
But the Ethereum rival's growth as a project
won't cause higher adoption for its native
cryptocurrency, ADA, inconsistent with an analysis shared by Peter Brandt, the chief executive
of worldwide trading firm Factor LLC.
Is ADA Major Crash On The Way?
The veteran analyst shared a bearish setup for ADA
within an official tweet published earlier today on Friday. He
cited a classic technical pattern,
referred to as Head and Shoulders, to predict a downside scenario for the Cardano token
that's already up over 600% on a year-to-date timeframe.
Moreover, Head and Shoulders form when
the worth forms three consecutive peaks atop one
price, with a condition that
the central peak is
over the other two, which are typical of
an equivalent height.
The worth eventually breaks below the
support level - also called neckline - and falls by
the maximum amount as the maximum height between
the center peak's top
and therefore the support level.
ADA visibly fits
the outline, as shown
within the chart shared by Brandt.

The analyst envisioned the ADA/USD,
rate of exchange to drop as far as $0.12 USD, down 90% from the pair's present bid near $1.26 USD. A percentage-based calculation of
the top and Shoulders pattern marked its profit target near $0.35 USD, down 60% from its neckline.
Brandt recalled his record of predicting market tops
to feature strength to his depressive Cardano prediction.
As an example,
one of his analyses from 2018, involving Litecoin [LTC], corrected spotted a descending triangle setup following the altcoin's run-up from $4 USD to $420 USD within the 2017's
Bull Run.
"I remember being scoffed at unmercifully once I identified this top in LTC/USD back in mid-2018," Brandt tweeted. "Hey Cardano trolls, take aim."
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