Cardano (ADA) Founder Addresses 34% Price Crash

As a seasoned analyst with over two decades of experience in the tumultuous world of cryptocurrencies, I find myself intrigued by the recent developments surrounding Cardano (ADA). The 34% price drop over four months has certainly raised eyebrows, but the departure of APE Society from the Cardano ecosystem might not be as detrimental as it seems.


Because of a significant 34% drop in price over the past four months, Cardano has been receiving some unfavorable attention. One potential reason for this downturn, as suggested by a tweet directed at the Cardano founder, is that the APE Society, a renowned NFT project, is departing from the Cardano ecosystem.

The user went on to accuse Charles Hoskinson, the founder of Cardano, of pushing away projects with what he calls toxicity. Charles Hoskinson took this criticism seriously.

I am supremely glad that your toxic drama and extreme ego are gone. It’s a lot more peaceful

— Charles Hoskinson (@IOHK_Charles) September 16, 2024

In essence, he countered the accusations in his rebuttal. As per Hoskinson’s post, the Cardano ecosystem is experiencing a newfound tranquility as these projects have concluded, eliminating the strife and self-centeredness that once accompanied them. His response indicates that he views the dissolution of APE Society as insignificant.

It seems like he believes that the project’s termination was beneficial for the Cardano community since it got rid of what he perceived as unnecessary drama and toxicity. In other words, while the price of ADA may have dropped, not every setback is necessarily harmful in the long run.

As an analyst, I find it intriguing that the focus on ecological expansion and overall ecosystem health, rather than momentary market fluctuations or the fate of individual ventures, strengthens the perception of Cardano as a path towards sustainability. However, technical analysis suggests that the price volatility of ADA may be cause for some concern.

The current movement of ADA is below its major moving averages (50, 100, and 200 EMA), suggesting a prolonged decrease in price, or a bearish trend. This downward momentum appears to be strengthening because the latest effort to rise was blocked at the $0.38 resistance level, and the trading volume is decreasing.

As a crypto investor, I’m closely watching Cardano (ADA). To signal a promising uptrend ahead, it needs to surpass certain resistance levels. Until then, the market remains cautious, and altcoins like ADA are still feeling the brunt of the overall bearish sentiment prevalent in the larger crypto space.

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2024-09-17 12:06