Analyst Peter Brandt explains the possible decline of the Cardano rate

Blockchain founder Charles Hoskinson rebuked Brandt for not considering macroeconomic conditions in his analysis

24.09.2022 - 08:15

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2 min

What’s new? Analyst and trader Peter Brandt analyzed a chart of Cardano (ADA) and noted that the asset remains in a descending triangle chart pattern. The expert first posted a similar chart on Twitter more than a week ago, arguing that if the altcoin remains in the descending triangle pattern, it is likely to experience another significant decline. The trader’s latest post was published after the successful Vasil upgrade was launched on the Cardano network. As of September 24, 07:40 UTC, ADA is trading at $0,4597, having lost 1,03% overnight, according to Binance.

Without comment $ADA $ADAUSD pic.twitter.com/4VSB344lC1— Peter Brandt (@PeterLBrandt) September 23, 2022

What was the community’s reaction? Cardano’s community members did not appreciate the expert’s prediction. Cardano founder Charles Hoskinson rebuked Brandt for not considering macroeconomic conditions in his analysis. He added:

“Chart people once again forget to remember that there is apparently an entire world out there. It has like central banks, nations, economies, supply chains, and even wars. Amazing right? And all of those factors actually have an impact on markets. I’m also super surprised.”

Cardano was created by Input Output Hong Kong (IOHK) and Ethereum co-founder Charles Hoskinson in 2017. The platform supports smart contracts, with the native token ADA enabling participation in the operation of the network. The asset ranks eighth in the cryptocurrency ranking with a capitalization of $15,74 billion, according to CoinMarketCap.

On September 22, at 21:44 UTC, blockchain developers activated the Vasil hard fork on the Cardano mainnet. Some changes will not take effect until September 27.

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