Hoskinson Calls Cardano “Number 1” Blockchain Despite ADA's Bearish Trend
A 3.83% increase in Cardano prices over the previous 24 hours suggests fresh vitality.
Cardano CEO Charles Hoskinson thinks Cardano is the “Number 1” blockchain despite its recent underperformance.
Cardano had a poor week, down 6.26% from last Monday, trying to make ground amid better-than-expected U.S. employment statistics.
Cardano is back in the spotlight after today's comeback.
In numerous recent X postings, Hoskinson claimed that the proof-of-stake blockchain is still “number 1” because to its decentralized governance advantage over other blockchains.
It's interesting that Hoskinson is going to present a new roadmap at the Cardano Summit in Buenos Aires.
He believes these “amazing” roadmap features will distinguish Cardano from other blockchains.
At the Token2049 event in Singapore, Hoskinson said Cardano might stop the “dictatorship of Ethereum” and the “anarchy of BTC.”
He praised Cardano for solving the “governance trilemma” of “efficiency, effectiveness, and integrity,” making it a formidable blockchain player.
A glance at the Cardano price chart supports its potential. It wants to retest the narrowly expanding triangle pattern that marked its recent slump under FUD.
Most importantly, a rebound from $0.3450 supports another retest of this pattern's upper limit, showing renewed footing following its prior failure.
Momentum indicators are still behind, with the Relative Strength Index (RSI) unable to break above the neutral line. At 45, the RSI is negative but not oversold.
The MACD line looks to be leveling off, suggesting a convergence back into the signal line, but the bulls must act to seize control.
Due to these issues, Cardano may struggle to break $0.3730. Meanwhile, a $0.3450 support retest looks more likely.
If Cardano maintains growth, the 200 SMA will be retested.
Defying this barrier would confirm a pattern break and pave the way for a prolonged drive to $0.550 or $0.6660.
#Cardano #Ada #BTCUptober $ADA
