Cardano, currently the eighth largest cryptocurrency by market cap, is down more than 4% on Monday evening, 11 July.
At the price of $0.44 per unit, Cardano’s native coin ADA has shed 22% in the past 30 days and is down 85% from its all-time high of $3.09 hit in November 2021.
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The broader crypto market continues to battle bearish pressure, with Bitcoin and Ethereum hovering above key levels at $20,000 and $1,000 respectively. Most other top coins are also poised above crucial support levels.
One such coin is Cardano, which veteran trader Peter Brandt says could see some nasty price decline unless it breaks higher to reclaim a key demand zone.
According to Brandt, a prominent commodities trader and one of the top market analysts, Cardano’s trading in a pattern that he describes as “the definition of ‘ugly’ in a picture.” His bleak outlook for the cryptocurrency is based on the head and shoulders pattern, which he points to in a chart shared via Twitter earlier on Monday.
Potentially the very definition of “UGLY” in a picture unless Jun 16 high is violated to upside $ADA. And, for all of you “one-year wonder” chartists, this IS a continuation H&S pattern”
The 16 June high the trader is referring to, had the ADA/USD pair trading above $0.53. Unless a fresh breakout pushes ADA to these levels, the H&S continuation pattern predicts another leg down.
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