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Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U. Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Charles Hoskinson recently spoke about Cardano, a cryptocurrency he cofounded and partly manages to this day. He said that whenever there is fair competition or a vote about cryptocurrencies, Cardano comes out on top. He seems to believe in Cardano a lot and suggests there might be some unfairness in how these competitions are run.
Looking at Cardano’s price chart, it is trading at $0.57 right now. There are important price levels on the chart called support and resistance. If Cardano’s price falls below the support level at $0.5221, it could mean the price will keep going down. But if the price goes above the resistance level around $0.5945, we might see a breakthrough of the $0.6 threshold and an acceleration of the rally in the foreseeable future.
The chart shows that Cardano’s price has gone down from a higher point, and now the price is at a spot from which it might go both ways. Right now, the 100 EMA is leading the price downward, with the 200 EMA waiting for the price to touch it and perform a substantial reversal. However, we are yet to see how the future unfolds for ADA amid mixed market performance.
Looking ahead, what will happen to Cardano’s price is not certain. It can change because of new technology, regulation or just what people feel about the market. But with Hoskinson’s recent words, it is clear that people who considered themselves Cardano fans believe it will do well.
Even though Hoskinson is very certain about Cardano’s success, the crypto market can be unpredictable. Hoskinson mostly talks about the social success of Cardano and the network’s fundamental growth rather than ADA’s performance in particular on the market.