Polkadot Price Upcoming Move As The Bears Emerge.
Leave a comment
Your email address will not be published. Required fields are marked *
Cardano Major Crash On The Way - Big Price Drop Predicted.
2021-07-31 | Big Bob
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."
