- Cardano Cofounder Charles Hoskinson defended ADA “dead” tag.
- Despite support from the government, ADA declined and market sentiments remained bearish.
Cardano [ADA] Charles Hoskinson was involved in a heated discussion with cryptocurrency analysts. It all started when a cryptocurrency analyst Ben Armstrong Cardano is dead, according to some.
In a recent YouTube video, he said that ADA had died for good. This time around, he added, investors shouldn’t watch their investment take a big hit.
Other analysts and ADA holders reacted to his discussion by posting it on his X page (formerly Twitter).
Armstrong’s opinion
“Recently, I said $DOT & $ADA are both dead to institutions. Which ultimately will lead to their death as legitimate investments. This DOES NOT mean they won’t pump and offer returns to investors in this bull run. They will. Returns will just be mid.”
The statement received wide attention. Various players shared opposing opinions, while others criticized his analysis of ADA’s prospects.
Ben replied to my question. Dave, A second crypto-analyst stated the following:
“This is just your opinion, though, which I doubt has any merit now. I don’t see you presenting any technical facts as to why you think this. What’s crazy is your opinion that institutions do not care about 6.9 years of uptime.”
One notable analyst who has criticized the remarks of other analysts is Charles Hoskinson, Cardano’s cofounder.
Hoskinson’s official X page claimed Armstrong was wrong and that his position went against the crypto-fundamentals.
“I remember when the point of cryptocurrencies was to replace institutions instead of acting out a scene from deliverance. I guess I got to learn the banjo to make Ben happy.”
Most investors, including ADA holders, agreed that the purpose of crypto is not to seek institutional funding. Crypto is a decentralized system. financial Markets are owned by the people.
Price charts: What do they show?
What do the price charts tell us about ADA’s trend today?
AMBCypto noted that ADA’s trend was strongly bearish. It was also confirmed by the MACD crossing below both signal and MACD lines. This is a strong indication of a downward trend.
The Directional Movement Index also suggested that there was a downward trend, as the index positive (14) sat just below the index negative (27).
The RSI was also below 30 which indicates that ADA experienced extreme pressure to sell.
Oversold is a sign of a trend change, but the altcoin may remain there for some time.
Coinglass shows that ADA’s Ol-Weighted funding rate was -0.0085%. The bearishness of the investors was evident, with many willing to short this altcoin in anticipation of further decrease.
ADA’s open interest per Exchange decreased from $64M to $55M in the recent 24 hours. Investors’ interest in ADA has decreased, and they seem to lack enthusiasm.
Is your portfolio green? Have you checked out your portfolio? ADA Profit Calculator
Can Cardano recover?
ADA was trading at $0.3266 as of the time this article is written, after a 17.23% decrease in 24 hrs. In the last week, it’s also fallen by 153.33%.
If the downward trend continues, ADA is likely to fall towards a new level of support around $0.290. If a bounce occurs due to oversold conditions, then ADA would return to a previous support of $0.368.
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Source: ambcrypto.com