- ADA’s price climbed 0.21% over the past 24 hours and was trading at $0.2532 as a result.
- The altcoin broke out of a short-term ascending price channel throughout the past day of trading.
- Meanwhile, a symmetrical triangle pattern had formed on ADA’s daily chart, which suggested that it may break out soon.
In an X post published on Monday, the co-founder of Cardano (ADA), Charles Hoskinson, shared his take on the long-standing debate surrounding Ethereum’s relationship with the U.S. Securities and Exchange Commission (SEC). Hoskinson’s post was a response to renewed discussions sparked by an early advisor to the Ethereum network.
I've always believed that when Ethereum was an 18 million dollar ICO and very few people were doing them that the SEC decided to ignore it and crypto and they got lucky to be too old to consider after the eye of sauron moved over. Absolutely personal relationships and backroom…— Charles Hoskinson (@IOHK_Charles) September 17, 2023
In his post, Hoskinson recalled Ethereum’s early days and highlighted its humble beginnings as an $18 million initial coin offering (ICO). He suggested that the SEC turned a blind eye to Ethereum during this period, allowing the project to thrive unchecked. He also speculated that personal relationships may have played a pivotal role in its regulatory leniency.
Despite this, Hoskinson does not believe that Ethereum bribed the SEC to target Ripple and its native token XRP. He also labeled any theory that suggests the SEC and Ethereum are conspiring against Ripple as baseless.
Cardano (ADA) Current Market Standing
Cardano (ADA) is ranked as the seventh biggest project in terms of market cap, according to CoinMarketCap. It experienced a 24-hour price increase of 0.21%, taking its price up to $0.2532 at press time. The Ethereum-killer’s market cap stood at $8.898 billion as a result.
Meanwhile, ADA’s 24-hour trading volume stood at $98.209 million, following a 24-hour decrease of 20.57%. Furthermore, the price of ADA was nearer to its 24-hour high of $0.254, while the altcoin’s daily low sat at $0.2451.
The positive daily performance also added to ADA’s weekly streak. Subsequently, the altcoin’s price was up more than 3% over the past 7 days.
Cardano (ADA) Technical Overview
4-hour chart for ADA/USDT (Source: TradingView)
Looking at the 4-hour chart for ADA/USDT, the price of ADA broke out of a short-term ascending price channel throughout the past day of trading. Nevertheless, ADA’s price remained within a medium-term positive price channel. However, the break out of the short-term channel may lead to ADA’s price correcting to $0.2471, which is the lower level of the longer-term channel.
A break below this price point will leave the altcoin’s price at risk of falling to the immediate support level at $0.237 in the proceeding 48 hours. On the other hand, ADA’s price rebounding off of the lower level of the medium-term channel will most likely lead to ADA attempting to challenge the upper level of the channel.
Thereafter, a 4-hour candle close above the medium-term price channel may be followed by ADA’s price flipping the $0.2645 resistance level into support. Continued buy support may then lead to ADA’s price rising to the $0.2920 barrier within the following 2 weeks.
Daily chart for ADA/USDT (Source: TradingView)
A symmetrical triangle chart pattern had formed on ADA’s daily chart during the past few days. This specific pattern suggested that ADA’s price may break out in the upcoming few days. Should this breakout be towards the downside, then ADA’s price may drop to the immediate support level at $0.2375.
On the other hand, a positive breakout could lead to the altcoin’s price flipping from the resistance level at $0.2645 into support. Thereafter, continued buy support may propel ADA’s price to the next barrier at $0.2920 in the following week.
Technical indicators were slightly in favor of buyers. At press time, the daily MACD line was positioned above the daily MACD Signal line. This suggested that ADA’s price may continue to rise in the next few days.
Furthermore, the 9-day EMA line was attempting to cross above the 20-day EMA line. The shorter EMA closing in on the longer EMA suggested that ADA’s price action during the last 9 days was more bullish than the price action it experienced in the past 20 days.
If these two technical indicators cross in the following week, it will signal a significant shift in ADA’s momentum. Subsequently, its price may enter into the forecasted bullish move. A potential early indication of this positive breakout that investors and traders will want to monitor for will be if ADA closes a daily candle above the 20-day EMA line in the coming 48 hours.
Disclaimer: The views and opinions, as well as all the information shared in this price prediction, are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.
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