Cryptocurrency investor and analyst Peter Brandt tells his 675,600 followers on his Twitter account that the Cardano ecosystem is seeing a descending triangle formation in its native altcoin Cardano (ADA), which could create the possibility of a new drop for Cardano (ADA). But the senior investor repeats that it doesn't have to happen, it's just a prediction. Peter Brandt commented on the mobility in Cardano:
"This is a fractal chart construction known as a descending triangle. If it continues in the fractal, $ADA should have one more significant decline. "Should," not "must""
Brandt's prediction also includes a side-by-side comparison chart of Cardano (ADA) and Bitcoin (BTC). In the chart, both cryptocurrencies are seen in a descending triangle formation in different periods. These are in Cardano (ADA) today and the leading cryptocurrency Bitcoin in 2018. After staying in a descending triangle formation for about 10 months, Bitcoin continued to decline from the $6,000 price level to the $3,200 level. When looked at, it is stated that this rate corresponds to a decrease of 47 percent. According to the chart published by Brandt, Cardano's descending triangle formation started about four months ago.
ADA, the native altcoin project of the Cardano ecosystem, is currently trading at the price level of $0.4781, up 0.49 percent in the last 24 hours. The leading cryptocurrency Bitcoin, on the other hand, continues to trade at $ 19,922 with an increase of 0.50 percent in the last 24 hours. The seasoned investor's Cardano (ADA) analysis comes in less than a week before Cardano's highly anticipated Vasil hard fork. The Vasil hard fork, which is expected to lower the ecosystem's transaction fees and increase scalability, is scheduled for later this month.