The Cardano coin (ADA) is destined for a 60 percent to 90 percent fall, according to Peter Brandt, a renowned expert. To make the forecast, Brandt employed a classic technical pattern called Head and Shoulders.
As per Investopedia, a head and shoulders pattern is a chart shape that forecasts a bullish-to-bearish trend reversal in technical analysis. It’s also one of the numerous top patterns that indicate, but with varying degrees of correctness. It indicates that a rising trend is coming to an end.
Similarly, Brandt expects the ADA/USD exchange prices to decrease to $0.12, a 90 percent decline from the pair’s exchange price of $1.26. Furthermore, a profit objective of $0.35 was calculated using a percentage-based computation for the Heads and Shoulders pattern. This is 60 percent lower than its prior neckline.
In the meantime, the Cardano coin has already increased by 600 percent year-to-date. Moreover, an overwhelming majority of specialists believe that the ADA coin will surpass the $5 level. They predict that by the end of 2025, Cardano will be trading at the $10 price level.
Most people anticipate that cryptocurrency will continue to rise in price margins. As a result, the token may perhaps hit the $100 level in the future. Cardano’s native coin, ADA, is now the fifth-biggest digital currency in terms of market capitalization.
Cardano’s network is also in its third phase of development, known as the Goguen Update. Smart contracts are now integrated into the network, facilitating DApps to be created.