Four hours ago, Cardano’s native cryptocurrency, ADA, reached a new historic peak, surging 17 percent to hit $2.18, as per the data shared by the CoinMarketCap platform.
Meanwhile, old-school savvy trader Peter Brandt has shared a chart that suggests ADA is likely to keep rising and reach the $2.26 level.
New all-time high for ADA
Despite the overall sell-off in the crypto market and in particular Bitcoin being unable to recover the $50,000 level at the moment after the infamous tweet by Elon Musk, Cardano’a ADA has gone up to a new all-time high of $2.18.
In the past twenty-four hours, the fifth largest cryptocurrency (the level ADA just regained earlier this week) has soared more than 17 percent.
As reported by U.Today earlier this week, in a Twitter thread, the Cardano Foundation made a case for Tesla to embrace ADA after Elon Musk addressed the carbon footprint issue and Bitcoin miners contributing to it heavily.
The previous ATH was reached back in early January 2018 - $1.9.
Peter Brandt’s ADA chart - a potential rise to $2.26
In a Cardano graph, a savvy commodity trader Peter Brandt has explained how he “ballparks” targets in all markets he trades on, including the crypto market.
As an example, he showed the ADA/USD pair, showing that he might be expecting the fifth largest crypto to hit $2.26.
“When pattern width <15% of underlying price target should be a 2X measurement”
The legendary trader has also revealed some of his trading strategies, or rather, methods he is not keen on. In particular, he has revealed that he does not use Fibonacci extension levels.