Veteran trader Peter Brandt Template An ominous graph of the price of coins carded ADA, marked with the words “No ADA Commentary”.
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Responding to the post from veteran trader, Cardano founder Charles Hoskinson said he was “also very surprised”.
“Again, people forget to remember that there seems to be a whole world out there. It has central banks, countries, economies and supply chains. All of these factors really impact the markets. I’m also very surprised,” he said. .
It is worth noting that the disturbing chart pattern the veteran trader refers to is the “descending triangle”, which usually forms during a downtrend as a continuation pattern.
The descending triangle appears as the price is consolidating within a range indicated by the upper descending trend line and the lower horizontal trend line. An upper trendline connects a series of lower highs and a second horizontal trendline connects a series of lower highs. The triangle usually resolves after the price falls below the lower trend line and, as a rule, can go down as much as the triangle goes up.
The ADA price is currently approaching the lower trend line support of the descending triangle configuration as it is trading at $ 0.46, up 1.82% over the past 24 hours.
The reason for ADA’s poor price performance
Since the beginning of September, Cardano has received a number of good news, from its inclusion on the Robin Hood platform to the successful launch of the Vasil update on 22 September.
Vasil’s update was released on the core network at 21:44:00 on September 22, the Cardano community hopes that after the update it will increase the functionality, performance and scalability of the network.
It should be noted that the promotion came in the month of Cardano’s fifth anniversary and, curiously, in the month of the birth of Girolamo Cardano, one of the most famous mathematicians of the Renaissance, from which the Cardano blockchain takes its name.
On September 23, the IOG team successfully sent the Plutus V2 cost model to the core network, which provides full Vasil capability to developers after the next era, which will be on September 27.
In the same context, the founder of Cardano said that the markets have entered a bearish phase, considering that the markets are detached from reality when asked about the weak performance of ADA.
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