According to U.Today, Charles Hoskinson, the co-founder of Cardano, has expressed his confidence in ADA, the cryptocurrency of Cardano, despite its recent market struggles. Hoskinson's comments come at a time when ADA, like many other cryptocurrencies, is experiencing a challenging market period.
The current price of ADA is approximately $0.5753, following a recent decline from higher levels. The price has fallen below the 21-day Exponential Moving Average (EMA), which stands at $0.6577. This is a significant indicator of the strength of the price, suggesting that the price may continue to decrease.
However, there is potential for ADA's price to rebound if it can surpass the 21-day EMA and maintain a price above $0.6577. If this occurs, the next price target could be around $0.6363, the level of the 50-day EMA. This would represent another significant test for the price.
On the downside, there is a support level at $0.5227. If the price continues to fall, it could potentially rebound at this level. If it falls further, the next significant support level is approximately $0.51, the level of the 200-day EMA.
The future of ADA's price may be more promising if the overall cryptocurrency market begins to improve. However, at present, the price could go in either direction. It may attempt to rebound, or it could continue to fall. The unpredictability of the market underscores the importance of monitoring prices closely.
While Hoskinson's confidence in ADA sends a strong message, the price chart indicates that ADA's strength may not be as robust as Hoskinson suggests.
