According to commodities trading expert Peter Brandt, Cardano (ADA), the native token of the namesake proof-of-stake blockchain, has overcome a major bearish pattern with its recent price rally after establishing a negative formation.
"Cardano ADAUSD has a new development. The rise through the July 4 high goes a long way toward canceling out the possible bearishness of the H&S top in this cryptocurrency "In a day's update, he told Twitter followers.
"In fact, as long as the price continues above 1.25, this price movement may be considered as positive."
However, the continued recovery appears to have proven him incorrect.
ADA rose more than 8% earlier today, reaching its highest level since June 15. It has outperformed all other major cryptocurrencies, including Binance Coin (BNB). This isn't the first time Brandt had to backtrack after posting sensationalist Bitcoin price forecasts. He predicted that zero will be Bitcoin's eventual low in March 2020.
Since then, the flagship cryptocurrency has increased by 849%.
On weekly timescales, numerous altcoins outpaced Bitcoin's 18.5% raise, which was aided by Ether's (ETH) successful London hard fork deployment. Around the time of writing, ETH/USD was trading at $3,110, up 25% from seven days earlier and close to local highs of over $3,200.
The overall cryptocurrency market cap surpassed $1.9 trillion for the first time since May this week, closing in on the crucial $2 trillion barriers once more.
On the eve of the much-anticipated introduction of smart contracts, ADA is rallying. According to IOHK CEO Charles Hoskinson, the precise date of the hard-fork combinator event will be announced in mid-August.
The Goguen period is scheduled to expire in early September.