Cardano Price Goes $25? — Charles Hoskinson Reacts to ADA’s Price Drawback
Cardano (ADA) continues to face a sluggish trading environment, with its price stagnating around $0.45 for several weeks. This lackluster performance follows a significant price correction, witnessing a drop of approximately 45% between mid-March and mid-April. Adding to the challenge, ADA recently ceded its market capitalization position to Dogecoin, with the latter’s market cap now a staggering $7.1 billion higher than Cardano’s.
In response to ADA’s persisting price weakness, Charles Hoskinson, the founder of Cardano, has also expressed dissatisfaction with the coin’s performance. Hoskinson recently reacted to a meme tweet shared by a prominent ADA proponent, highlighting the ADA’s inability to break past the $0.45 mark. His response, in the form of a meme of a skeleton seemingly waiting for something, resonated with many in the community who share his frustration.
However, despite the price challenges, analysts maintain a cautiously optimistic stance. ADA has been trading in a sideways channel between $0.40 and $0.80 since the price surge in late November last year. Analysts point out that a breakout above this channel could propel ADA to higher levels. However, a drop back below this point could signal a reversal. Another support zone exists at $0.42, historically triggering rebounds. A failure to hold this level could intensify selling pressure.
An analyst under the pseudonym “Wizard of Charts” raised the possibility of a bullish surge, drawing parallels from historical growth trends. In an analysis shared on the markets analysis platform TradingView, the pundit pointed out the 2021 bull market, when ADA experienced a staggering upsurge of over 1,600%, printing an all-time high. Borrowing from this precedent, the analyst proposed that even a conservative projection, representing roughly half of the previous percentage increase, could propel ADA to a remarkable $25.
Recall that earlier last month, popular crypto analyst Ali Matinez shared an optimistic outlook on Cardano’s potential for a significant bullish trend. Matinez drew parallels between the present market dynamics and Cardano’s performance in 2019, pinpointing striking similarities indicative of a consolidation phase akin to the one observed prior to a remarkable bull surge of approximately 4,095%. Notably, Matinez’s analysis remains relevant and steadfast.
According to CoinMarketCap data, ADA was trading at $0.46 at press time, reflecting a 0.21% surge over the past 24 hours.
