NOIDA (CoinChapter.com)— Cardano’s Charles Hoskinson weighs in as Cardano (ADA) has struggled to maintain its relevance within the cryptocurrency market in 2024. ADA price has underperformed relative to its peers, recording a 25% decline year-to-date.
The underperformance starkly contrasts with the growth trajectories of other Layer 1 blockchain platforms like Ethereum and Solana. The Cardano community has voiced concerns over the platform’s strategic direction and its ability to innovate effectively amidst evolving market dynamics.
Moreover, it seems that the blockchain platform’s struggles set the stage for Cardano founder Charles Hoskinson’s recent actions and statements. It appears that his comments aim to rejuvenate interest and confidence in the project.
However, ADA price action over the past 30 days has been nothing to write home about. The token is consistently forming lower highs.
The Cardano founder has openly expressed his views on the 2024 US presidential elections and their potential impact on the cryptocurrency market, particularly ADA.
Cardano’s Hoskinson has been critical of President Joe Biden’s administration, highlighting the detrimental effects of regulatory policies on the crypto industry. The Cardano chief pointed out that the administration’s approach has caused significant harm to the sector, leading to job losses and stifling innovation.
Furthermore, Hoskinson’s stance aligns with the broader sentiment within the crypto community, which has grown increasingly wary of stringent regulatory measures. He emphasized the importance of electing a president who supports the growth and development of the crypto industry.
Hoskinson’s comments suggest that continuing current policies under Biden could further depress ADA’s price. He maintains that regulatory uncertainties could deter investment and development within the Cardano ecosystem.
Conversely, Hoskinson acknowledged that while former President Donald Trump’s administration largely left the crypto industry unharmed, his unpredictable leadership style poses its own risks.
“Crypto gives us our voices, financial freedom, and shared humanity back. Any politician who wants to rob us of that is dangerous.“
Hoskinson said
As such, Cardano’s Hoskinson seems to believe neither candidate offers a perfect solution, but the industry needs a regulatory environment that fosters innovation rather than stifles it.
Furthermore, Hoskinson’s comments highlight the critical intersection between political leadership and market confidence, suggesting that the outcome of the 2024 elections could significantly influence ADA’s trajectory.
Moreover, the traction from Hoskinson’s comments could help traders notice ADA and register some gains for the token. Additionally, if Trump wins the election, ADA supporters could celebrate with a buying spree that could propel the token higher.
Amidst these broader strategic concerns, speculations regarding ADA’s potential listing on the Gemini exchange started to circulate.
The speculation gained traction following comments from Frederik Gregaard, CEO of the Cardano Foundation. Gregaard indicated ongoing efforts to increase the number of Cardano-based tokens listed on major exchanges.
Adding fuel to the fire, Gemini recently published a detailed post about Cardano on its Cryptopedia platform. The post outlined the blockchain’s fundamentals and roadmap.
The Cardano community has historically been frustrated with Gemini’s reluctance to list ADA, particularly in light of past security issues and financial troubles associated with the exchange. However, the publication of educational content on Cardano by Gemini might hint at a potential shift in stance.
If Gemini lists ADA, it could provide a much-needed boost in liquidity and market exposure. This could potentially drive positive price movement for the beleaguered token.
Another bullish cue favoring ADA prices is the token forming a bullish technical setup called the ‘bull flag pattern.’
A bull flag pattern forms when a crypto token’s price experiences a near-vertical rise, creating the flag pole. This pattern commonly emerges in assets that are in a strong uptrend.
Following the steep ascent, the asset undergoes a period of consolidation, which creates the flag of the pattern. Despite the initial strong rally, the price holds steady as buying pressure persists. Typically, a breakout from this consolidation phase triggers another significant uptrend.
The pattern reaches completion when the price breaks out from the flag area, effectively resuming the prior upward trajectory. Traders project the breakout’s price target by adding the length of the flag pole to the breakout price level. This calculation helps in predicting the potential continuation of the price.
According to the rules of technical analysis, if the token confirms the technical pattern, ADA price might rally over 271% to reach the pattern’s theoretical price target near $1.62.
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