Why Cardano Must Hold $1.25 To Chase Off The Bears, Says Legendary Trader Peter Brandt

Cardano follows the general sentiment in the market and has seen appreciation over the past weeks. Although Bitcoin, Ethereum, and other major cryptocurrencies have been in a red market for months, ADA has displayed resilience staying well above its yearly open. At the time of writing, Cardano (ADA) trades at $1.58 with profit across the board. In the daily and weekly charts, ADA records a 7.4% and 20.2% profit. The market capitalization stands at $50 billion making it the fifth-largest cryptocurrency by this metric. Legendary trader Peter Brandt has been keeping a close eye on ADA’s performance and recently provided a bullish analysis. Previously, Brandt identified a potential Head and Shoulders pattern to support a bearish thesis but change his mind as ADA was able to hold the critical support at $1.25. Cardano must stay above this level in order to sustain the bullish momentum. Otherwise, it could re-test support below $1. Brandt said: New development in Cardano $ADAUSD The advance through the Jul 4 high goes a long way to negate the potential bearishness of the H&S top in this crypto. In fact, this price action can be viewed as bullish as long as price remains above 1.25. This development has taken place after Brandt compared Cardano (ADA) with Litecoin (LTC) in 2018. At that time, the latter cryptocurrency formed a head and shoulders pattern that led to a substantial drawdown. Brandt missed on its prediction with ADA,...