Cardano’s price is expected to rebound from a key demand zone, which ranges from $1.287 to $1.318.
Due to his July 2020 prediction, Charles Hoskinson received backlash on Twitter.
A solid rebound around the support area could push ADA past immediate resistance levels and into $1.61 territory.
Cardano’s price has been on a downward trend, resulting in a retest of a key demand barrier. If the buyers come to the rescue, ADA will almost certainly accelerate and enter a tremendous uptrend.
As a result of his July 27, 2020 prediction, Charles Hoskinson, the inventor of Cardano, has come under fire on Twitter.
Hoskinson predicted that the Cardano blockchain would house “hundreds of assets running on Cardano, thousands of DApps, heaps of intriguing initiatives, and lots of unique usage and utility,” according to his prediction.
While Cardano has made significant progress with its Shelley update in recent months, adding smart contract capability, native asset capabilities, and other features, the amount of engagement with the blockchain has remained minimal. Cardano will have to wait a few more months to make headway in this area.
Twitter users, on the other hand, were less forgiving.
“Truly amazing technology – you are a visionary Charles,” Anthony Sassano, a well-known Ethereum advocate, remarked sarcastically.
Hoskin responded to a message from a Twitter user with the handle “Undervalued Cryptos,” writing,
On Cardano, there are thousands of assets. You haven’t been paying attention, have you? There are a lot of developers who are studying, training, and writing. There are a lot of launch apps.
The much-anticipated Alonzo upgrade is attempting to bring smart contacts capability to Cardano. Multiple color-coded testnet phases are included in this upgrade. In a recent video update, Hoskinson stated that the 1.2.8 node was delayed, but that the next phase would be launched by Monday.
The Daedalus wallet backend, as well as the Plutus application backend, are expected to be fully integrated by the end of July, according to the founder.
Since its rejection at $1.486 on July 5, Cardano’s price has been steadily declining. ADA has lost 14% so far and entered a crucial demand zone, ranging from $1.287 to $1.318. As the bid-orders pile up, investors should expect the Cardano price to start reversing the trend.
If this happens, the so-called “Ethereum killer” will almost certainly run against multiple resistance barriers worth up to $1.486. The bulls and bears will face a make-or-break situation here.
The upswing will continue if a critical 4-hour candlestick closes above this level. In this instance, ADA will rise 8% to $1.61, tagging or sweeping the June 15 swing highs.
This is a 22 percent increase from the previous high of $1.318.
4-hour chart of ADA/USDT
While a recovery from the $1.287 to $1.318 support level is expected, a collapse of this barrier is also possible. If this occurs, market players should expect ADA to fall to the next demand zone, which is from $1.156 to $1.196.
The rise would be delayed, but not halted, by this move.
A breach below $1.196, on the other hand, will signal the presence of sellers and undermine the bullish argument. Cardano’s price would most likely revisit the range low of $1 if this happened./n
