Renowned commodities trader Peter Brandt, previously a critic of Cardano (ADA), has revised his position, suggesting that the cryptocurrency may have reached its price floor, sparking optimism within the Cardano community.
Brandt Identifies Market Bottom
Brandt’s new perspective is grounded in technical analysis. He identified a double bottom pattern in ADA’s price movements, indicating the start of a bullish reversal. The base of this pattern formed between December 2022 and October 2024. The recent price breakout, starting in late 2024, aligns with this technical formation. Indicators such as the Average Directional Index (ADX) support this bullish outlook.
Past Skepticism and Current Optimism
Just a month ago, Brandt held a bearish view pointing to a head-and-shoulders pattern. However, ADA's recent breakout invalidated the bearish patterns, prompting a reassessment of his outlook.
Broader Market Analysis
Other analysts echo Brandt’s optimism. Market commentator Maxpain highlighted ADA’s steady price movement within the $0.874 to $1.327 range since December 2022, indicating accumulating bullish pressure.
Recent Cardano price dynamics, supported by technical indicators and investor interest, suggest a potential shift in market sentiment, attracting analysts’ and traders’ attention.
