{"id":495325,"date":"2022-07-11T15:24:22","date_gmt":"2022-07-11T15:24:22","guid":{"rendered":"https:\/\/wncen.com\/?p=495325"},"modified":"2022-07-11T15:24:43","modified_gmt":"2022-07-11T15:24:43","slug":"why-peter-brandt-thinks-cardanos-price-is-the-definition-of-ugly","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/cardano\/why-peter-brandt-thinks-cardanos-price-is-the-definition-of-ugly\/","title":{"rendered":"Why Peter Brandt Thinks Cardano’s Price Is The Definition Of “Ugly”"},"content":{"rendered":"

Cardano (ADA) has been unable to follow through with its weekend bullish momentum. The cryptocurrency lost last week\u2019s gains and seems poised for further losses as the crypto market trends sideways.<\/p>\n

Related Reading |\u00a0TA: Bitcoin Price Trims Gains, Key Breakdown Support Nearby<\/a><\/strong><\/p>\n

At the time of writing, Cardano (ADA) trades at $0.44 with a 5% loss in the last 24 hours.<\/p>\n

\"Cardano
ADA’s price trends to the downside on the 4-hour chart. Source: ADAUSDT Tradingview<\/a><\/figcaption><\/figure>\n

The cryptocurrency is at critical levels as $0.40 was operated as support during these past months\u2019 bearish downside price action. Losing these levels could push ADA\u2019s price back to its 2020 levels.<\/p>\n

At that time, the cryptocurrency experienced a massive rally after a long period of sideways movement and consolidation. From 2019 until 2020, Cardano traded below $0.5 and $0.15 which would represent a devasting loss for investors that bought ADA in the past two years.<\/p>\n

Legendary trader Peter Brandt suggests<\/a> ADA could start descending into its 2020 levels. As seen below, Brandt claims that ADA\u2019s price is following a head and shoulders pattern which spells future depreciation for this cryptocurrency.<\/p>\n

\"Cardano
Source: Peter Brandt via Twitter<\/figcaption><\/figure>\n

The legendary trader called ADA\u2019s price chart \u201cthe very definition of ugly\u201d and set $0.40 as a potential price target to the downside.<\/p>\n

This head and shoulders pattern could be invalidated if Cardano\u2019s bulls managed to push the price above $0.70 in the short term. Otherwise, there is little support for Cardano below $0.40.<\/p>\n

Data from Material Indicators (MI) shows that most of the liquidity for the ADAUSDT trading pair is sitting above $0.44. There are around $1.5 million in bid orders below ADA\u2019s price current levels and around $1 million in asks orders in the opposite direction.<\/p>\n

If the price follows the head and shoulders pattern into $0.40, as Brandt suggested, and continues to trend downside there are no bid orders that could operate as support. Therefore, ADA\u2019s price could experience downside volatility.<\/p>\n

Can Cardano Avoid A Doom Scenario?<\/h2>\n

At the same time, ADA\u2019s price records a thin order book to the upside. If the price can sustain its current levels and make a run towards $0.50, there could be a change at invalidating Brandt\u2019s head and shoulders pattern.<\/p>\n

Material Indicators record an increase in selling pressure from retail investors. Investors with bid orders of around $1,000 (green in the chart below) have begun buying into Cardano\u2019s price action.<\/p>\n

Analysts from Material Indicators believe investors with these bid orders (in green below) are whales camouflaging as smaller investors. The relevance of Cardano\u2019s current levels and the sudden increase in these orders suggests this possibility is likely for short timeframes.<\/p>\n

\"Cardano
Investors with bid orders of $1,000 (green) buying into ADA’s price action. Source: Material Indicators<\/figcaption><\/figure>\n

Related Reading |\u00a0TA: Ethereum Revisits Key Support, Can The Bulls Protect More Losses<\/a><\/strong><\/p>\n

Maybe these ADA whales have begun accumulating and could be able to defend these levels. In higher timeframes, all investors class have begun selling including investors with asks orders of around $100,000 which supports Brandt\u2019s scenario.<\/p>\n","protected":false},"excerpt":{"rendered":"

Cardano (ADA) has been unable to follow through with its weekend bullish momentum. The cryptocurrency lost last week\u2019s gains and seems poised for further losses as the crypto market trends sideways. Related Reading |\u00a0TA: Bitcoin Price Trims Gains, Key Breakdown Support Nearby At the time of writing, Cardano (ADA) trades at $0.44 with a 5% loss in the last 24 hours. The cryptocurrency is at critical levels as $0.40 was operated as support during these past months\u2019 bearish downside price action. Losing these levels could push ADA\u2019s price back to its 2020 levels. At that time, the cryptocurrency experienced a massive rally after a long period of sideways movement and consolidation. From 2019 until 2020, Cardano traded below $0.5 and $0.15 which would represent a devasting loss for investors that bought ADA in the past two years. Legendary trader Peter Brandt suggests ADA could start descending into its 2020 levels. As seen below, Brandt claims that ADA\u2019s price is following a head and shoulders pattern which spells future depreciation for this cryptocurrency. The legendary trader called ADA\u2019s price chart \u201cthe very definition of ugly\u201d and set $0.40 as a potential price target to the downside. This head and shoulders pattern could be invalidated if Cardano\u2019s bulls managed to push the price above $0.70 in the short term. Otherwise, there is little support for Cardano below $0.40. Data from Material Indicators (MI) shows that most of the liquidity for the ADAUSDT trading pair is sitting above $0.44. There are around $1.5 million in bid orders below ADA\u2019s price current levels and around $1 million in asks orders in the opposite direction. If the price follows the head and shoulders pattern into $0.40, as Brandt suggested, and continues to trend downside there are no bid orders that could operate as support. Therefore, ADA\u2019s price could experience downside volatility. Can Cardano Avoid A Doom Scenario? At the same time, ADA\u2019s price records a thin order book to the upside. If the price can sustain its current levels and make a run towards $0.50, there could be a change at invalidating Brandt\u2019s head and shoulders pattern. Material Indicators record an increase in selling pressure from retail investors. Investors with bid orders of around $1,000 (green in the chart below) have begun buying into Cardano\u2019s price action. Analysts from Material Indicators believe investors with these bid orders (in green below) are whales camouflaging as smaller investors. The relevance of Cardano\u2019s current levels and the sudden increase in these orders suggests this possibility is likely for short timeframes. Related Reading |\u00a0TA: Ethereum Revisits Key Support, Can The Bulls Protect More Losses Maybe these ADA whales have begun accumulating and could be able to defend these levels. In higher timeframes, all investors class have begun selling including investors with asks orders of around $100,000 which supports Brandt\u2019s scenario.<\/p>\n","protected":false},"author":535,"featured_media":486594,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[16896],"tags":[12333,79508,12332],"class_list":["post-495325","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cardano","tag-ada","tag-adausdt","tag-cardano"],"acf":[],"yoast_head":"\nWhy Peter Brandt Thinks Cardano Is The Definition Of "Ugly"<\/title>\n<meta name=\"description\" content=\"Cardano (ADA) has been unable to follow through with its weekend bullish momentum, and seems at risk of further losses.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. 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His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide. In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride. He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term. In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry. Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.","sameAs":["https:\/\/www.linkedin.com\/in\/reynaldo-mrquez-2ab111190\/","https:\/\/x.com\/rl_m"],"url":"https:\/\/wncen.com\/author\/reynaldomarquez\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Why Peter Brandt Thinks Cardano’s Price Is The Definition Of “Ugly”","url":"http:\/\/wncen.com\/news\/cardano\/why-peter-brandt-thinks-cardanos-price-is-the-definition-of-ugly\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/cardano\/why-peter-brandt-thinks-cardanos-price-is-the-definition-of-ugly\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/03\/ada.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/03\/ada.jpeg?fit=1200%2C630"},"articleSection":"Cardano","author":[{"@type":"Person","name":"Reynaldo Marquez"}],"creator":["Reynaldo Marquez"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["ada","adausdt","cardano"],"dateCreated":"2022-07-11T15:24:22Z","datePublished":"2022-07-11T15:24:22Z","dateModified":"2022-07-11T15:24:43Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Why Peter Brandt Thinks Cardano’s Price Is The Definition Of “Ugly”\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/cardano\\\/why-peter-brandt-thinks-cardanos-price-is-the-definition-of-ugly\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/cardano\\\/why-peter-brandt-thinks-cardanos-price-is-the-definition-of-ugly\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2022\\\/03\\\/ada.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2022\\\/03\\\/ada.jpeg?fit=1200%2C630\"},\"articleSection\":\"Cardano\",\"author\":[{\"@type\":\"Person\",\"name\":\"Reynaldo Marquez\"}],\"creator\":[\"Reynaldo Marquez\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"ada\",\"adausdt\",\"cardano\"],\"dateCreated\":\"2022-07-11T15:24:22Z\",\"datePublished\":\"2022-07-11T15:24:22Z\",\"dateModified\":\"2022-07-11T15:24:43Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/03\/ada.jpeg?fit=1200%2C630","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/495325"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/535"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=495325"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/495325\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/486594"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=495325"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=495325"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=495325"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}