Charles Hoskinson claims he doesn’t care if ADA is trading at $0.01 or $10
During his recent YouTube live stream, IOHK CEO Charles Hoskinson mentioned that ADA could be worth $10, but made it clear that he’s against speculating on the token’s performance.
Whether ADA is a cent, or it is a dollar, or ten dollars, let me be clear: this is my life’s work. I’m going to keep chipping away at it. I’m going to keep working at it. We are here.
ADA was worth only $0.018 last March before soaring 8,122 percent to reach its current all-time high of $1.48 on Feb. 27.
I don’t know why the price goes up. I don’t know why the price goes down and I don’t want anything to do with base speculation about these particular things. It’s not my job, as a technology company, an engineer scientist to make the price go up.
The billionaire says that cryptocurrency markets are still unpredictable and unstable, claiming that there’s still plenty of “inside baseball” due to light regulation.
Cardano price at make-or-break point while ADA remains indecisive
- Cardano price is traversing a symmetrical triangle pattern, suggesting that a 16% explosive move is likely.
- A decisive close above the setup’s lower trend line will knock ADA down to the $1.99 to $2.10 demand zone.
- Transactional data shows that the resistance barriers are hogging the bulls’ path.
Cardano price has been on a tight consolidative move for more than a month. However, this coiling up is a precursor to an explosive move. While on-chain metrics are all hinting at a bearish outlook, technicals suggest that there is hope.
Cardano price shows lack of buyer interest
Cardano price has set up three distinctive lower highs and five higher lows since September 21. Connecting these trend lines shows that the price action is squeezed and reveals the formation of a symmetrical triangle.
Since this pattern has no directional bias, it could break out either way. The target for this technical formation is obtained by adding the distance between the first swing high and swing low to the breakout point.
While the situation might seem black and white, it is not. Investors can expect Cardano price to breach the lower trend line first and enter the demand zone ranging from $1.99 to $2.10.
ADA/USDT 9-hour chart
IntoTheBlock’s Global In/Out of the Money (GIOM) model shows that the immediate yet stable support level is $2.11, where roughly 147,87 addresses purchased a whopping 2.85 billion ADA.
Although the bullish move assumes that ADA bounces off the $1.99 to $2.10 demand zone, a decisive close below this area will put these investors “Out of the Money,” further increasing the selling pressure and invalidating the bullish thesis.
In this case, ADA might continue its descent and head toward its intended target at $1.78.
ADA GIOM chart
Further adding credence to the bearish outlook is the 60.7% decline in the number of large transactions worth $100,000 or more.
This on-chain metric serves as a proxy of high-net-worth individuals and can often help spot bullish trends. However, over the past six months, the number of such transactions has dropped from $3,500 to $1,370, indicating a reduction in institutional money flows.
ADA large transaction chart
While things are looking gloomy for the Ethereum killer, the demand zone ranging from $1.99 to $2.10 could be the salvation for bulls.
If the buying pressure increases, pushing ADA to re-enter the symmetrical triangle, there is still a chance that Cardano price will make a run at the upper trend line. A decisive close above $2.24 will put an end to the bearish thesis and indicate a bullish breakout from the symmetrical triangle, propelling ADA by 16% to $2.62.
Cardano Projects Say Success Comes With Interconnectivity
- Cardano projects assemble to share their experiences on the blockchain.
- Four projects talk about the switch from Haskell to Plutus and much more.
- Almost all agree that the next hard fork should come with a read-only UTXO feature.
Cardano’s project leaders have a chat. In detail, five powerhouse projects on the Cardano (ADA) ecosystem exchange thoughts and share their experiences over the time spent on the blockchain.
In particular, CTO and Co-Founder of DCSpark — Sebastien Guillemot leads the discussion. He talks with leaders from four projects on the Cardano blockchain. Specifically, these include Pi Lanningham of Sundae Swap Labs, Ben Hart of MLabs, Ilya Oskin of ErgoDex, and Dewayne Cameron of Liqwid Finance.
How will #Cardano evolve now that #SmartContracts are here? @liqwidfinance, @SundaeSwap, @ErgoDex and @MLabs10 discuss Haskell and Plutus, and their role in #DeFi.
Watch the video from the #CardanoSummit2021
👇https://t.co/37zlUOATCV— Cardano Foundation (@CardanoStiftung) October 26, 2021
Together the titans swap stories about how far they’ve come on this ecosystem. One of the points of discussion is the transition from developing with Haskell to Plutus. Another core topic of discussion was the importance of a larger Cardano community in order to see growth.
The talk ended with possible improvements these developers and project leaders would like to see in perhaps Cardano’s next hard fork. Let’s dive in and see how these conversations went. The talk first began with a quick round of introductions.
Meet the Leaders of Cardano’s Active Projects
First up is Ben, he is a partner and Plutus consultant at MLabs, he is also the director of Cardano operations at MLabs. Ben has worked very closely with Plutus over the last 8 months along with many other different applications on the network.
Next is Pi, the CIO of Sundawe Swap Labs, his goal is to build a decentralized exchange that will serve the very core of DeFi. To him, it’s very simple: provide someone with a token to access the means to gain another token.
On the other side, there is Ilya, he is the lead core developer on ErgoDex. Lastly, Dewayne is the CEO and co-founder of Liqwid. He has been in the Cardano ecosystem for a long time. His journey began when he joined a catalyst project in early 2018. Since then, he has come a long way.
All four experts come from different backgrounds but one thing they have in common is the fact that they’re all familiar with developing and coding. On that note, Sebastien asked the four what their experience was like with the move from Haskell to Plutus coding.
On this matter, there was a pretty unanimous reply. Ben says that Haskell and Plutus have an interesting relationship. He says this is because of the way Plutus is built. Thus, it is a simple switch for users to swap out Haskell for Plutus. In addition, he adds that Cardano uses eUTXO, this makes it a different model from blockchains like Ethereum and is the first to do so.
Ilya expresses that the difference was more towards learning specifics rather than learning a whole new code. Likewise Pi also agrees on how there wasn’t much to unlearn but rather more to add on to their existing knowledge. Dewayne says that it was more of tailoring to a new design pattern which was easy enough to get once you get going.
Cardano Is Set to Grow With Its Community
Next Sebastien brings up a pretty interesting point, he says that for all four projects it is imperative for the community to grow in order for the projects to succeed. Thus, he asks the party what steps they are taking in order to secure that success.
No doubt, all four say that this is evident to their projects but it is in fact the spirit of decentralization that shines through. For instance, with a DEX, stablecoins could offer liquidity to the exchange. This is why ErgoDex offers a software development kit for developers to build on top of it.
Likewise, Pi says that it takes a village to raise a child. Cardano is still in its infancy, and it is up to the community as a whole to bring it to the top. As a firm believer in interconnectivity and cooperation, Pi stresses the imperative nature of inclusion and trust for true growth. With this model in place, all sides of an agreement can benefit together and find value.
Meanwhile, Dewayne says that composability is the name of the game here. By building partnerships, projects can come together to create new functionalities. In turn, this could create new value, which not only offers value to users and partners but also to the blockchain as a whole.
Finally, Ben adds his two pence. He says that with DeFi and NFTs booming recently, the only way to go is up. There are always new and interesting ways to elevate a project. In fact, he says that once the first layer of DeFi projects is underway, it will get a lot more interesting to see what builds on top of that layer.
Lastly, Sebastien asks, what is the most important thing that these developers would like to see roll out in the next Cardano hard fork? On this the answer was almost unanimous, 3/4 chose read-only inputs for UTXO.
In conclusion, the assembly certainly led to some interesting conversation. The highlight according to this reader would be the very clear dedication and support that reverberates off of these leaders. Like any blockchain, one of the main points of success comes through the community-driven faith in the project.
Clearly, the Cardano community is in good hands. It is very nice to see that leaders within the community are here for the long haul. Much like the founder of Cardano himself — Charles Hoskinson, the drive is to support one another, build, grow, and expand until the final barriers are broken through.
Just recently, Hoskinson addressed the greater crypto-verse in order to shake the FUD out of nay-sayers. He said that Cardano is just getting started and is still very much working towards meeting every milestone on its roadmap. The next phase of Cardano will soon be here and the road ahead looks very promising. So, stay tuned to see what Cardano will bring next.
Cardano Price Stuck in Sideways trade, Here’s When ADA will Breakout!
The cryptocurrency market has started the new week on a positive note, with all of the top ten coins trading in the green. Yesterday, the price of Bitcoin (BTC) fell back to $64,895 and fought to stay above it for the first half of the day.
Cardano in sideways trade
The Cardano price has remained sideways, with the coin’s price remaining below the 9-day and 21-day moving averages.
Cardano’s price is falling below the 9-day and 21-day moving averages when compared to Bitcoin. The long-term 9-day moving average is projected to bearishly cross below the channel’s lower border. The Cardano market is currently in a slump, with the price reaching a daily low of 3397 SAT.
Popular analyst Micheal Van De Poppe too has pointed out the bearish/sideways momentum ADA has been experiencing off late. He depicts this in his recent tweet.
A Breakout On the way?
If the bulls can drive the price above the 9-day and 21-day moving averages, the Cardano price is likely to break out. Meanwhile, the Cardano price may continue to rise by breaching above the moving averages, maintaining a solid upward trend. As a result, any further bullish movement might push the coin to resistance levels of $2.50, $2.60, and $2.70.
The bullish movement may be invalidated if the bears break below the lower border of the channel, and the Cardano price falls below the negative side to support levels of $1.85, $1.75, and $1.65, as seen on the daily chart.
Meanwhile, the technical indicator Relative Strength Index (14) signal line is falling below 50, indicating that the market is sliding sideways.