- Cardano’s price surged 4.75% after Charles Hoskinson addressed rumors.
- 76.59% of Cardano holders are “out of the money,” indicating potential downside risks.
As a seasoned researcher with years of experience navigating the volatile and often misleading world of cryptocurrencies, I can’t help but feel a mix of intrigue and caution when analyzing Cardano’s current price surge following Charles Hoskinson’s response to rumors.
Starting from early September, Cardano [ADA] has been under continuous bearish influence, as suggested by crucial technical signals.
The MACD stayed under the Signal line, displaying negative bars (red), until a positive interaction (bullish crossover) happened on September 9th.
The increase in this positive trend was reinforced when the Relative Strength Index (RSI) moved up from beneath the neutral range and into the optimistic area on the 10th of September.
Although the technical signs pointed towards a positive outlook, the price increases were relatively small and went mostly unnoticed by many, until Charles Hoskinson, the founder of Cardano, spoke up to dispel the speculations surrounding the project on X.
This triggered a 4.75% surge in ADA, bringing its trading price to $0.3549.
According to the most recent data from CoinMarketCap, Cardano has seen a 10% increase in value over the past week, surpassing both Bitcoin and Solana in terms of performance during that timeframe.
Rumors surrounding Cardano
As a researcher delving into the fascinating world of cryptocurrencies, let me share an interesting find from the 11th of September. A panel of esteemed crypto analysts, including MartyParty, CTO Larson, InvestAnswers, and Mando, discussed the market positioning of Cardano during a podcast, which was subsequently posted on X.
The discussion centered around the reason behind these projects, such as Cardano and Ripple XRP, having substantial market values even though their recent price trends have been relatively low.
To which an X user – Stake with Pride replied,
As a crypto investor, I’m particularly drawn to Cardano because it stands out among the top 20 coins as the one that offers native liquid staking. This means that my staked ADA remains freely accessible without any lock-up periods, and there’s no need for LSDs or LSTs.
Additionally, it was pointed out that certain critics contend that the large market value could potentially be overstated. They claim that some investors might be under the false impression that their staked ADA cannot be withdrawn, when in fact, it can be accessed.
Furthermore, there remains doubt about how widely Cardano is being used in the real world, with some suggesting that its current market value might not accurately reflect its true usefulness and adoption within the larger cryptocurrency landscape.
As a crypto investor myself, I’ve been emphasizing this point and I can’t help but feel that the ongoing restriction on unstaking ADA might be inflating the market capitalization in an artificial manner.
He even went ahead and tagged Hoskinsons’ old post where he claimed,
“The biggest threat to #Bitcoin’s dominance has and always will be #Cardano.”
To which Mando added,
Hoskinson’s response to rumors
To address the whispers circulating around, Charles Hoskinson chose X as a platform to set the record straight, asserting that the allegations were significantly off the mark. In his own words, he declared them inaccurate.
Misleading statements and falsehoods concerning Cardano have escalated to extraordinary heights. Contrary to what some claim, your staked tokens aren’t frozen, yet they continue to spread misinformation. It’s perplexing why people still put their faith in such individuals.
Regardless of Hoskinson’s attempts to debunk the rumors, the price of ADA did not show a quick increase right away.
Immediately following his comment, the value of the token decreased from $0.35 to $0.33, indicating that his statement didn’t have a strong enough impact to create a rising market pattern.
However, it wasn’t long before ADA experienced significant gains, marking its strongest price increase in weeks.
ADA’s price looks iffy
Based on AMBCrypto’s interpretation of data from IntoTheBlock, approximately 23.22% of Cardano investors have profits as their Cardano tokens are now worth more than what they initially paid.
On the flip side, approximately 76.59% of Cardano (ADA) holders find themselves in a situation where the value of their investment is lower than the amount they initially invested.
This disparity highlights potential downside risks for ADA, suggesting that a bearish sentiment could emerge if this trend continues, further impacting the token’s value shortly.
Read More
- JASMY PREDICTION. JASMY cryptocurrency
- LDO PREDICTION. LDO cryptocurrency
- DOGS PREDICTION. DOGS cryptocurrency
- UXLINK PREDICTION. UXLINK cryptocurrency
- DOP PREDICTION. DOP cryptocurrency
- SQR PREDICTION. SQR cryptocurrency
- OKB PREDICTION. OKB cryptocurrency
- QUINT PREDICTION. QUINT cryptocurrency
- METIS PREDICTION. METIS cryptocurrency
- KNINE PREDICTION. KNINE cryptocurrency
2024-09-12 16:08