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Charles Hoskinson Addresses FUD About Upcoming PAB Upgrade, Here’s What He Says

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IOG chief executive and founder addresses Twitter FUD about upcoming Cardano upgrade in update from Cardano’s “pan-African tour,” responds to FUD about PAB integration

CEO of Input Output Global and founder of the Cardano blockchain platform, Charles Hoskinson, went on the air from Africa to give the ADA community a brief update on Cardano’s current “pan-African” tour. He also addressed the big flow of FUD he has recently seen on Twitter about Cardano’s coming integration of PAB—Plutus Application Backend, which is due in November.

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Update from Cardano African tour

Hoskinson shared with the community how Cardano’s African tour has been going. He mentioned multiple meetings, including dinner with the CEO of the ShopRite retail giant and the company’s innovation team.

Over the weekend, on Saturday, Oct. 16, the Cardano chief gave a speech at the Cape Town Innovation Hub as part of the CiTi event (“Cape Innovations and Tech Initiative”)—a “fireside chat” with Hoskinson.

He jokingly refers to this long trip around Africa as a “pan-African tour.” It started in Cape Town in South Africa and will continue heading north to other nearby regions: Zanzibar, Burundi, Kenya, Ethiopia and ending up in Egypt.

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Hoskinson shared that there are three heads of state in the queue to meet, as well as “tons of other meetings” scheduled.

Hoskinson addresses more FUD about scalability and TPS on Cardano

Mr. Hoskinson also addressed the extremely large amount of FUD (fear, uncertainty, doubt) that he bumped into on Twitter in the past few days regarding the upcoming small upgrade on Cardano due in late October but most likely to appear in early November: PAB.

PAB stands for Plutus Application Backend. It is one of the tools offered by the platform after the Alonzo hardfork implemented in September. It helps developers building on Cardano to use smart contracts.

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According to a Cardano explanation, PAB is “an off-chain, backend service for managing and handling the requirements of the application instance throughout its lifecycle.”

Hoskinson stated that he has bumped into lots of “usual FUD” regarding Cardano’s ecosystem, mentioning in particular scalability and TPS issues. He said that the platform continues to evolve and devs are learning as they go (and they have a lot to learn with Cardano). However, overall, the Cardano ecosystem is strong and secure at the moment, and they have never seen so much demand.

Hoskinson added that there are a lot of commercial products being prepared on Cardano too. He reminded the community and those spreading FUD that a lot of new technologies will be rolled out on this blockchain in the next three to nine months.

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Red Alert In Crypto Space, Cardano Price Trembling Yet Remains Bullish

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Crypto space witnessed a replica of a May crash but with lesser intensity. Bitcoin price is hovering between $53,800 and $54,400. However, some assets stood strong above their support levels like Ethereum & Cardano.

Despite the bearish trend prevailing in the short-term, yet the ADA price still remains bullish in the higher time frame. 

Cardano price maintained a substantial downtrend ever since the beginning of the present trading day. In the daily chart, the asset has formed a double-bottom and was expected to surge high slicing through the neckline.

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But the asset was rejected at the neckline in the last few hours of the last trading day. ADA price dumped nearly 15% ever since then, however, it’s also attempting to rebound. 

3rd Cardano sell-off is going on since the early hours of the Asian trade. The dump dragged the price much below the 200-day MA and extended the gap between the strong resistance levels around $2.5.

A major reason for the sell-off is speculated to be the pandemic FUD circulating in space. However, the retracement is expected to be well in place as more than 70% of ADA is staked and keeping only 30% in circulation is pretty bullish for the asset. 

Exactly a year ago, the Cardano price was around $0.03 and the asset was surrounded by immense FUD. However, the ADA price didn’t stop then and may not stop now also.

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Collectively the asset maintains a substantial rally ever since it faced an extreme sell-off in September. Yet the strong support levels still reside around $1 and the asset is still bullish until the asset sustains above these levels. 

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Cardano

Red Alert In Crypto Space, Cardano Price Trembling Yet Remains Bullish

Published

on

Crypto space witnessed a replica of a May crash but with lesser intensity. Bitcoin price is hovering between $53,800 and $54,400. However, some assets stood strong above their support levels like Ethereum & Cardano.

Despite the bearish trend prevailing in the short-term, yet the ADA price still remains bullish in the higher time frame. 

Cardano price maintained a substantial downtrend ever since the beginning of the present trading day. In the daily chart, the asset has formed a double-bottom and was expected to surge high slicing through the neckline.

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But the asset was rejected at the neckline in the last few hours of the last trading day. ADA price dumped nearly 15% ever since then, however, it’s also attempting to rebound. 

3rd Cardano sell-off is going on since the early hours of the Asian trade. The dump dragged the price much below the 200-day MA and extended the gap between the strong resistance levels around $2.5.

A major reason for the sell-off is speculated to be the pandemic FUD circulating in space. However, the retracement is expected to be well in place as more than 70% of ADA is staked and keeping only 30% in circulation is pretty bullish for the asset. 

Exactly a year ago, the Cardano price was around $0.03 and the asset was surrounded by immense FUD. However, the ADA price didn’t stop then and may not stop now also.

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Collectively the asset maintains a substantial rally ever since it faced an extreme sell-off in September. Yet the strong support levels still reside around $1 and the asset is still bullish until the asset sustains above these levels. 

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Cardano on the edge: Why and what it needs to make a recovery

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These are not the best of times for Cardano. While the asset may have maintained its sixth position in the rankings with a market cap of $49.1 billion, it is consistently reaching new lows over the past week, and at present, it is possibly at the last key support before an evident bearish reversal.

This article will draw estimates around the current price movement of Cardano and explain why it should recover moving forward to avoid further corrections.

Red-Flags for Cardano

Source: Trading View

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While a sense of optimism is appreciated for one of the top performers of 2021, ADA’s price structure is anything but ideal. Earlier in November, the asset finally breached above its long-term ascending channel pattern but it was followed by immediate invalidation. It was a sign of things to come for the asset, and Cardano barely recovered ever since.

Now, at press time, the asset has finally dropped under the pattern in a bearish direction, eliminating any chance of immediate bullish recovery. $1.80 was an important high-time frame support, which did not hold ADA‘s crashing valuation.

Source: Trading View

The importance of $1.80 can be understood from the Fibonacci levels. $1.80 marked the 0.618 Fibonacci level, which fundamentally is the last support during a correction phase of a bull run.

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During the Q3 correction period, Cardano dropped down to $1.00 which was the Fib level of 0.618 for a market top of $2.47. The same situation hasn’t panned out this time, with the market falling sharply beyond the retracement levels.

Is there still hope?

Source: Trading View

Well, never say never in crypto trend, and volatility could swing in Cardanos’ favor as well. According to data from intotheblock.com, 4.93 billion ADA currently resides between the range of $1.34-$1.63 amongst 394,ooo addresses. While this suggests that ADA may drop down to as low as $1.40 in the next few days, the flip side is, it can recovery strongly as well.

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However, failure to do so may see Cardano enter price discovery between $1.11 and $1.34. Close to 8.37 billion ADA resides in that range distributed amoong ~590,000 addresses. The situation is definitely on the edge for Cardano, and major sentiment indicates a bearish outlook.

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