This Expert Trader Says Cardano (ADA) Will See A 50% Decline

Cardano (ADA), which hit a record high of $3, has seen its value drop significantly in the past year. This digital asset appears to have reached its bottom, with a drop of more than 86% from the all-time high price. Expert trader Peter Brandt warns that prices will continue to fall for the digital asset.

ADA will decline by 50%

Peter Brandt, a chartist in his own right, posted a chart to Twitter that highlighted important technical levels to the digital asset. He points out that the digital asset was forming what is known as a “classic descending triangle.” Brandt outlines that this point to a possible decline for the digital asset going forward.

According to analysts this could lead Cardano (ADA),’s value to fall below $0.25. Now, given the current price of ADA, it would mean that the digital asset’s price would have to mark another 50% decline from this point. Furthermore, it would put ADA’s price at more than 90% below its all-time high price. It isn’t surprising, considering cryptocurrencies can lose more value when there are bear markets.

Brandt said that even though the prediction was correct, he had no plans to short the altcoin. His reasoning for this was that he did not short “shitcoins,” referring to the 8th largest cryptocurrency by market cap as a shitcoin.

Cardano price chart from

Trending price of ADA at $0.43 Source: ADAUSD| Source: ADAUSD on

Cardano to Follow this Prediction

In Peter Brandt’s analysis, he notes that following the charts does not always work but that they sometimes do. It would be a reminder to investors that even if the forecast proves accurate, they need to prepare for what might happen. However, not everyone agreed with the analyst’s forecast for the digital asset.

Another Twitter user who goes by @eenmakkie took to the replies to combat Brands’s analysis. They explain that while ADA’s price going below $0.35 was a possibility, it would not be possible to drop below $0.25 unless the price of bitcoin were to break below $16,000.

Given that altcoins are closely linked to bitcoin’s price movements, this is not an unreasonable prediction. The crypto market may be facing more losses if bitcoin drops another 10%-20% below the $17,600 cycle low, which would mean that it could fall further.

ADA appears to be holding above $0.4 despite all technical indicators pointing towards a bearish performance of the digital asset. However, if the $0.42 support level is not reached then sub$0.35 will be a more likely outcome.

Featured image taken from Cardano Feed. Chart by

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