Founder Charles Hoskinson Slams Crypto Critic’s Cardano Price Prediction – Is It Time To Buy ADA?

Cardano Price Rebounds to $0.35

Investors in the cryptocurrency market are again aggressively bullish following the collapse of a major U.S. bank. ADA, the token that powers Cardano, a decentralized ecosystem is up 3.6% in 24 hours, trading at $0.3435 at the time of writing.

Considering that Bitcoin is up 10.8% in 24 hours to trade at $24,427, Cardano price is not the only bullish asset. Ether rose 7 percent to $1,680 as it followed BTC’s pace, according to real-time price data from CoinGecko, the second-largest cryptocurrency.

The total market capitalization is back above $1.1 trillion after investors took advantage of the renewed bullish momentum seen in the market this week to add 6.5% in value. This bullish market outlook is likely to persist throughout the week as investors show resilience in the face of U.S. bank failures.

Cardano Founder Charles Hoskinson Slams Crypto Critics

The co-founder of Cardano, the seventh-largest cryptocurrency with a market cap of $12 billion and a 24-hour trading volume of $500 million, has called out cryptocurrency critics for unfair representations of the cryptocurrency market.

In a tweet, Hoskinson endorsed the recent collapse of the three largest U.S. banks — namely Signature Bank, Silvergate Bank and Silicon Valley Bank (SVB).

According to Blockchain Champions, when stablecoin issuers like Circle, Paxos, and Tether announced their intention to hold collateral “primarily in the form of cash and treasury bills,” cryptocurrency critics never reacted.

Governments have long held onto the notion that cryptocurrencies are super risky, and even with the implosion of the banking sector in mind, that mindset is unlikely to change.

Hoskinson also blasted the banks for choosing to “hold collateral primarily in longer-dated TradFi bonds”. Still, they failed, leaving more questions than answers.

Despite the collapse of three U.S. banks in a record four days, according to the ADA co-founder, the government is still saying, “Look, crypto is risky.”

The cryptocurrency community seems to agree with Hoskinson. One of his followers called “CardanoChefPool” replied to the above tweet saying “This is why we got into crypto in the first place and joined the movement. The system is broken…I don’t think it will be any worse than it is now”

Cardano Price Flaunts Key Buy Signal

As expected by analysts, Cardano price slowed down to $0.30 from a sharp downtrend from a new 2023 high of $0.4210. Otherwise, losses could mount sharply, forcing ADA to revisit December lows of $0.24.

Given the huge buyer congestion at $0.30, ADA price took advantage of the liquidity and rallied sharply to the region just above $0.35.

While investors have been expecting Cardano to close at $0.40, its upside is limited by confluent resistance formed by the 50-day exponential moving average (EMA) (red line) and 100-day EMA (blue line). .

Cardano Price Rebounds to $0.35ADA/USD daily chart

Traders who may be looking to initiate new or additional long positions in ADA may wish to wait for the coin to validate the uptrend by breaking out of this key contention zone, just above $0.35.

A natural break above $0.35 is needed to confirm subsequent swings to $0.40 as the bulls will be in the long game to $1.00. The moving average convergence divergence (MACD) has given a buy signal, suggesting that the path of least resistance remains upward.

However, it is important to identify where the blue MACD line is above the red signal line. The momentum indicator must also be in a general upside direction for Cardano price to sustain the much-anticipated bullish move.

From the same daily chart, we can infer the importance of the bulls not taking a break until ADA breaks above the descending trendline resistance.

A first attempt to break through the line in early February was successful, but bulls lost leverage as the cryptocurrency market reacted to increased regulatory pressure from U.S. agencies and a deteriorating global economic outlook.

Having said that, it would be prudent if Cardano price extends its gains above the trendline, a move that could open the door for a move above $0.40 in the coming days (and possibly a week).

Cardano price uptrend holds steady on shorter time frames – 4-hour chart

Even on shorter time frames, the bulls are clinging to an Optimism outlook for Cardano price, as seen on the four-hour chart. The MACD has a more aggressive buy signal at 0.007.

Cardano Price Rebounds to $0.35ADA/USD four-hour chart

Meanwhile, two short-term levels could determine the next direction for Cardano price. On the downside, the 100-day SMA (blue line) is at $0.329 to ensure that ADA does not fall back to $0.32 and $0.30 respectively.

On the other hand, the 200-day SMA (red line) caps the upside move at $0.35, thus coinciding with resistance analyzed using the daily time frame chart. Nonetheless, ADA price must break above the downtrend line, as seen on the four-hour chart, for Cardano to aggressively attack the $0.40 mark again.

As long as the SuperTrend indicator continues to follow the price action, it is likely to be bullish. In other words, the green line below the price of Cardano means that the path of least resistance is currently to the upside.

If profit-taking activity spikes as investors act to protect their capital ahead of the FOMC meeting in a week, then ADA could head back to $0.32 and $0.30 may not be ruled out immediately.

Still, investors may take advantage of the lower priced ADA token to fill their wallets while playing the long game to $1.00.

Buy Cardano now.

Cardano Alternatives to Buy Today

If you’re looking for other high-potential cryptocurrency projects besides ADA, we’ve reviewed the top 15 cryptocurrencies for 2023, as analyzed by the CryptoNews Industry Talk team.

The list is updated weekly with new altcoins and ICO projects.

Disclaimer: The Industry Talk section features insights from cryptocurrency industry participants and is not part of’s editorial content.

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Source of information: Compiled from CRYPTONEWS by 0x Information.Copyright belongs to the author, without permission, may not be reproduced

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