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Cryptocurrency News Articles
Charles Hoskinson Defends Cardano (ADA) After Its Price Falls 2.9%, Analysts Warn of the Next Key Level to Watch
Oct 11, 2024 at 11:30 am
Cardano founder Charles Hoskinson took to Twitter to defend the project from its detractors, arguing that the network has continued to grow and thrive despite the criticism.
Cardano founder took to his X platform to defend the project from its detractors, arguing that the network has continued to grow and thrive despite the criticism. As ADA’s price fell 2.9%, some analysts warned of the next key level to watch out for.
Charles Hoskinson addressed the adverse response towards Cardano in an X post on Thursday. Hoskinson observed that the crypto community’s sentiment towards the project had recently been more negative than usual.
However, he argued that Twitter’s change in sentiment was not a reflection of the project failing “but rather the desired result of Voltaire.” Cardano’s “Voltaire” era is designed to make the network “the most advanced blockchain governance system,” with a focus on decentralized governance and the future sustainability of the network.
Hoskinson believes that Cardano’s collaborative efforts and the transparency of the network is what sets it apart from the rest of the crypto space. “It’s why we are loathed by a lot of others. Their backroom deals and dirty tricks can’t be hidden because there is no one to ask to do it under the table,” he added.
In the post, the project’s founder also highlighted Cardano’s “passion” for integrity and long-term vision for growth and progress.
Short-term thinking, market manipulation, and companies seeking a handout have no role or place here. That’s the difference that makes a difference.
Finally, Hoskinson remarked that the project was not dying but “thriving and growing.” He added that ADA is one of the last cryptocurrencies that still wants to be a real crypto instead of “the patron of Blackrock and Wall Street for number go up preferences.”
ADA Could See A 10% Drop Soon
The crypto community reacted to Hoskinson’s message, with many arguing that, despite the developments, the Network’s “lack of volume” and “limited” ecosystem growth remained a problem for its community.
Meanwhile, part of ADA’s community agreed with Hoskinson, concurring that “it is the only chain that has truly built what I can only see as the groundwork to deliver on the promise of crypto.”
Despite the criticism, some market watchers remained bullish about ADA’s future price action. Crypto analyst Dan Gambardello recently predicted that the cryptocurrency will “easily” reclaim the $1 mark before the year’s end.
According to Gambardello, the exponential surge “could happen fast” and leave many “flabbergasted.” After the 200% surge, he said that ADA’s potential targets of $5 and $10 would “look more realistic.”
However, crypto analyst Sebastian highlighted a key level to watch for following ADA’s recent performance. Earlier this week, the analyst noted that ADA showed signs of a breakout after retesting the trendline it had recently broken above $0.35.
However, the cryptocurrency’s price dropped 2.9% in the last 24 hours, falling below the $0.34 mark. According to the analyst, ADA must hold the current levels as failing to bounce from the $0.335 level could send the token to a retest of the $0.30 support level.
At the time of writing, ADA is trading at $0.337, down 1.95% and 2% in the weekly and monthly timeframes, respectively.
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