Key Takeaways
- Cardano founder Charles Hoskinson lashes out at Peter Bradt
- According to Peter Brandt, Cardano will lose upto 90% in value.
- Hoskinson calls technical analysis a “voodoo”.
YEREVAN (CoinChapter.com) – Lashing out at veteran analyst Peter Brandt, Cardano founder Charles Hoskinson brushed off the latter’s predictions that ADA, Cardano’s token, is poised for a steep fall.
Speaking to fans on his YouTube channel, Hoskinson answered a question by a viewer about the latest claims that Brandt made on his Twitter handle, drawing a comparison between ADA and Litecoin.
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What was Brandt’s Cardano tweet about?
Through a single tweet, analyst and trader Peter Brandt caused a stir among Cardano fans and critics. In what seemed to come as a warning to Cardano holders, Brandt said ADA would likely follow Litecoin’s 2018 price trajectory.
Drawing parallels with Litecoin (LTC), Brandt said that Cardano might have reached the top of the price range. However, the next step will inevitably be a nosedive. LTC had also nosedived in 2018 when the bears took over the market and crashed everything.
According to Brandt’s chart interpretation, a head and shoulders pattern was becoming evident. This means that one can expect to see a price reversal.
Traders usually see the head and shoulders pattern as a sign that bears will take over. As per the charts, Cardano currently has a support line at around $1.00. Should it fall below the neckline to even $1.05, it could give merit to Brandt’s prediction.
Case in point, Litecoin had trodded the same path in the 2018 crash when it fell below its support of $105.
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What irked the Cardano chief?
Not undermining Bradnt’s popularity and large fan following, his tweet irked Hoskinson more after CoinTelegraph covered it with a bearish headline.
The Cardano CEO was upset with the author, calling his analysis “a hatchet job.”
That was a hatchet job article by Cointelegraph if you actually dig into what Peter was saying there was tons of disclaimers, terms, and conditions, and was strictly a technical and not fundamental analysis based on his interpretation of arbitary charts.”
he said.
Hoskinson made it clear that he “really loathes” technical analysis. He went as far as calling it a “voodoo in that makes no sense.”
It would, of course, be unrealistic to expect Hoskinson to agree that his brainchild may lose value up to 90%, hence his reaction.
However, as both these minds clash, the charts have spoken. Only time will show if Brandt’s bearish analysis holds merit.
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