It’s been revealed that the important analyst Peter Brandt is releasing an important altcoin warning. Check out the latest reports below.
Brandt addresses Ethereum challenger
Veteran commodities trader Peter Brandt says that one Ethereum challenger forms a chart pattern that screams “ugly.”
Brandt is known for calling the 2018 crypto collapse. He recently said that ETH rival Cardano (ADA) looks ready for more pain.
Brandt bases his analysis on what he says is a head and shoulders (H&S) formation, a classic price action pattern that traditionally suggests an approaching downward impulse.
“Potentially the very definition of “UGLY” in a picture unless Jun 16 high is violated to upside $ADA.”
He continued and said the following:
“And, for all of you “one-year wonder” chartists, this IS a continuation H&S pattern”
It’s also important to note the fact that last week, Brandt also called for more downward action in Bitcoin (BTC).
According to him, BTC has been forming a series of classic bearish pennant patterns that lead to downward moves. It’s important to note that the next one could be approaching soon.
“When it looks like a pennant and acts like a pennant it is often a pennant.”
Cardano sharks accumulate ADA
Blockchain analytics firm Santiment says Cardano sharks have entered into an accumulation phase after a lengthy period of selling activity.
According to the firm, sharks, or entities that are holding between 10,000 and 100,000 ADA, have added over 79 million Cardano worth over $35.5 million to their stacks in the past month.
Meanwhile, Santiment highlighted that whales, or investors owning 100,000 to 10 million ADA, have stopped unloading their Cardano bags.
“As Cardano’s price performance has stayed particularly underwhelming in 2022, addresses holding 10,000-100,000 ADA are now accumulating.”
The notes continued and revealed the following:
“They’ve added 79.1 million ADA to their collective bags in 30 days. Meanwhile, 100,000 – 10 million [ADA] whales have ceased their dumping.”
