Veteran Trader Peter Brandt Model An ominous chart of ADA cardano coin price, marked with the words “No ADA Commentary”.
Responding to the veteran trader’s post, Cardano’s founder, Charles Hoskinson, said he was “very surprised, too”.
“Once once more, people forget to remember that there seems to be a whole world out there. It has central banks, countries, economies and supply chains. All of these factors really have an impact on markets. I am also very surprised,” he added.
It is worth noting, that the worrying chart pattern that the veteran trader is referring to is the “descending triangle”, which usually forms during a downtrend as a continuation pattern.
The descending triangle appears while the price is consolidating within a range indicated by the upper descending trend line and the lower horizontal trend line. An upper trend line connects a series of lower highs, and a second horizontal trend line connects a series of lower highs. The triangle usually resolves following the price breaks below the lower trend line and, as a rule, can go down as much as the triangle rises.
ADA price is currently approaching the lower trend line support of the descending triangle setup as it is trading at $0.46, up by 1.82% in the last 24 hours.
The reason for the poor price performance of ADA
Since the beginning of September, Cardano has seen a slew of good news, from its inclusion on the Robin Hood platform to the successful launch of the Vasil upgrade on September 22nd.
Vasil’s upgrade went live on the mainnet at 9:44:00 PM on September 22nd, Cardano’s community hopes following the upgrade to increase functionality, performance, and network scalability.
It should be noted that the promotion arrived in the month of Cardano’s fifth anniversary and, interestingly, in the month of the birth of Girolamo Cardano, one of the most famous mathematicians of the Renaissance, following whom the Cardano blockchain is named.
On September 23, the IOG team successfully sent the Plutus V2 cost model to the mainnet, which provides full Vasil capability to developers following the next era, which will be on September 27.
In the same context, the founder of Cardano stated that the markets have entered a bearish phase, considering that the markets are detached from reality when asked regarding the weak performance of ADA.
Follow | Al-Nahda News _ Hossam Mohamed