Charles Hoskinson, the CEO of IOG, who created Cardano (ADA), the emerging smart contract platform, has dismissed a technical analysis, which claims that the digital token ADA is set to experience a meteoric price fall, as stressed by the veteran trader, Peter Brandt. According to Hoskinson, technical analysis is completely senseless.
It can be recalled that Peter Brandt took to Twitter on 30th July to suggest that Cardano (ADA) is on the cusp of plummeting after forming a pattern similar to that of Litecoin (LTC) during the 2018 bear market.
Peter Brandt tweeted, “I remember being scoffed at unmercifully when I identified this top in $LTCUSD back in mid 2018 Hey Cardano trolls $ADAUSD , take aim…”
I remember being scoffed at unmercifully when I identified this top in $LTCUSD back in mid 2018
— Peter Brandt (@PeterLBrandt) July 30, 2021
Charles Hoskinson Says Technical Analysis is Senseless
Charles Hoskinson, during a recent AMA session, dismissed Peter Brandt’s suggestion. According to the creator of Cardano (ADA), the crypto market is becoming complicated on a daily basis, which is already making such analyses ineffective and senseless.
Hoskinson pointed out that Brandt’s opinion was “strictly a technical and not fundamental analysis based on his interpretation of arbitrary charts.”
He added that “Technical analysis worked well before computers, and when people were trading with some degree of intuition, or along with fundamental analysis. In the age of quants and AI black box models and big data and these things, looking at a simple chart for candles, it makes no sense at all.”
Cardano (ADA) in the Market
According to CoinMarketCap, Cardano (ADA) is the best performer among the top 10 digital currencies in the market. It’s currently holding above $1.30 resistance level, in a situation where top cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), and others are in the red.
At the time of press, Cardano (ADA) is trading at $1.34, with a relatively 3% price upsurge in the last 24 hours.