- Cardano (ADA) faces a 60%-90% drop.
- Cardano token is already up 600% on a year-to-date time frame.
Peter Brandt a veteran analyst posted a tweet saying that the Cardano token (ADA) is set for a 60%-90% crash. In detail, Brandt used a classic technical pattern known as Head and Shoulders to pinpoint the prediction.
I remember being scoffed at unmercifully when I identified this top in $LTCUSD back in mid 2018
— Peter Brandt (@PeterLBrandt) July 30, 2021
According to Investopedia, in technical analysis, a head and shoulders pattern describes a specific chart formation that predicts a bullish-to-bearish trend reversal. More so, it is one of several top patterns that signal, with varying degrees of accuracy. It shows that an upward trend is nearing its end.
Likewise, Brandt predicts the ADA/USD exchange rate to drop down to $0.12 which is down 90% from the pair’s currency bid near $1.26. Even more, a percentage-based calculation on the Heads and Shoulders pattern marked its profit target near $0.35. This is down 60% from its neckline.
Meanwhile, the Cardano token is already up 600% on a year-to-date time frame. Furthermore, an overwhelming number of analysts are confident that the ADA coin is going to cross the 5 dollar mark. In fact, they expect Cardano to trade close to the 10 price level at the end of 2025.
With the look of things, most believe that the altcoin will sustain a progressive movement in price margins. In the future, the token might possibly hit the 100 dollar mark. Currently, ADA is the fifth-largest cryptocurrency by market capitalization and the native token for Cardano.