Cardano founder Charles Hoskinson was not enthusiastic about Peter Brandt’s latest crash scenario. He compared chart analyzes with voodoo practices.
A recent tweet from trading guru Peter Brandt caused consternation within the Cardano community. The CEO of the trading company Factor identified a possible scenario for ADA in a technical chart analysis, according to which the course could crash by about 90 percent. Brandt saw a so-called head and shoulder formation (head and shoulder; similar to shampoo) as the basis for his prognosis. This is a chart pattern that looks like a person’s head and shoulders. The two outer “shoulders” are close together in height, while the middle “head” is highest. As a rule, they indicate a trend reversal to the downtrend and thus signal the end of an uptrend. Analysts can use these parameters to define possible entry and exit points.
Cardano founder Hoskinson compares price analysis with voodoo
In the case of Cardano, Brandt predicted a price drop to as low as $ 0.12. This analysis caused horror in the community of the Ethereum competitor. As a result, founder Charles Hoskinson was forced to react to the forecast. In one YouTube live stream he vehemently rejected the crash scenario.
It was a defamatory article from Cointelegraph. If you dig deeper into what Peter said, you can see that what he said is tied to a bunch of terms and conditions. In addition, it is only a technical analysis and not a fundamental analysis. So it is basically an interpretation of an arbitrary chart. I am not an analyst and I hate such technical price analysis.
Cardano founder Charles Hoskinson on YouTube
For him, the craft corresponds more to voodoo practices and therefore has no meaningfulness.
With all due respect to Peter, I don’t think it’ll work that easy. The markets are so much more complicated.
Cardano founder Charles Hoskinson on YouTube
However, Peter Brandt’s prognoses are not just hot air Factor CEO with his prediction regarding Litecoin. In 2018, Brandt identified a similar chart pattern for cryptocurrency. As a result, the LTC course crashed, confirming its oracle. In the current tweet, he reminded his critics of this case. Even then, he was scorned and ridiculed for his prognosis.
“Alonzo” hard fork is out in September
Aside from the crash issue, the ADA community is still waiting for the “Alonzo” update, which will finally implement smart contract functions in the Cardano network and thus pave the way for dApps. After a few postponements, Hoskinson announced the launch of the hard fork for September this year.
In a video statement, the Cardano founder named two hurdles that one had to overcome in order to successfully complete the “Goguen” age. For one thing Hard fork combinator eventthat joins the logs together without interrupting the system. On the other hand, the developers are working on an infrastructure for the node. A sure-fire success, as Hoskinson says: “The first part is what you need the hard fork for, everything else is software”. Given current progress, Hoskinson is optimistic that the schedule can be met.