Why Peter Brandt Thinks Cardano’s Price Is The Definition Of “Ugly”

Cardano (ADA) has been unable to follow through with its weekend bullish momentum. The cryptocurrency lost last week’s gains and seems poised for further losses as the crypto market trends sideways. Related Reading | TA: 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’ bearish downside price action. Losing these levels could push ADA’s 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’s price is following a head and shoulders pattern which spells future depreciation for this cryptocurrency. The legendary trader called ADA’s price chart “the very definition of ugly” and set $0.40 as a potential price target to the downside. This head and shoulders pattern could be invalidated if Cardano’s 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 mos...