- The veteran technical analyst, Peter Brandt, shared a bearish analysis for ADA.
- Fans of the token reacted negatively to Brandt’s latest Twitter post.
- Charles Hoskinson also commented on Brandt’s analysis.
Without comment $ADA $ADAUSD pic.twitter.com/4VSB344lC1
— Peter Brandt (@PeterLBrandt) September 23, 2022
Brandt first shared the chart pattern over a week ago. He then asserted that Cardano (ADA) is likely to have one more significant decline if its price were to remain in the descending triangle.
The veteran trader’s most recent tweet was made shortly after the Cardano team successfully executed the Vasil upgrade, which promised to improve the scalability and smart contract functionality of the Cardano network.
Unsurprisingly, Cardano die-hards reacted negatively to Brandt’s tweet and used quote tweets to call out the veteran trader who had disabled comments for the post. This move by Brandt was interpreted by Cardano fans as a lack of confidence from in his technical analysis.
Furthermore, Cardano’s founder, Charles Hoskinson, also went to Twitter and faulted Brandt for not taking macroeconomic conditions into account in his chat analysis.
Hoskinson reacted by saying “Chart people once again forget to remember that there is apparently an entire world out there.” He went on to add that “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.”
At the time of writing, ADA is trading at $0.462 following a 1.85 percent drop in its price over the last 24 hours according to CoinMarketCap.
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