Join Our Telegram channel to stay up to date on breaking news coverage
The Cardano price is up a fraction in the past 24 hours to trade for $0.4626 as 3:30 a.m. EST on trading volume that surged nearly 10%.
It comes as the network’s founder Charles Hoskinson slammed coverage by podcaster Bankless, who questioned Cardano and its underlying fundamentals.
Ok @IOHK_Charles now is as good a time as any, want to come on @BanklessHQ and tell us why cardano is alive?
Blank slate for me, I haven’t kept up with the project at all. https://t.co/FtyRt4DNXr
— RYAN SΞAN ADAMS – rsa.eth 🦄 (@RyanSAdams) June 6, 2024
Amid the engagement, one community member highlighted that the Cardano network only manages up to 50,000 daily users despite being in the market for at least eight years now.
Coming out to defend his network, Hoskinson highlighted that Cardano is on the verge of the most significant hard fork in the history of the project. He also mentioned that multiple community DApps are growing rapidly atop the network and that it is leading the industry in scaling research and development.
Never in my career have I seen such a profound disconnect between reality and opinion with the cryptocurrency influencer and media perception of Cardano versus its actual fundamentals.
We are on the verge of the most significant hard fork in the history of the project, tons of…
— Charles Hoskinson (@IOHK_Charles) June 6, 2024
“It’s beyond pathetic and just reflects on the low quality and low effort they put into our ecosystem,” he said. “Cardano is here to stay, and it’s a juggernaut that will drag this industry kicking and screaming if it has to towards solving the real-world economic, political, and social issues we all face.”
Cardano Price Prediction As Hoskinson Says The Network Is Here To Stay
The Cardano price is trading with a bullish bias after breaking above the resistance due to the descending trendline. The budding higher lows on the Cardano price are reinforced by the higher lows of the Relative Strength Index (RSI).
This points to growing bullish sentiment as buying pressure continues to rise. Nevertheless, it is important that investors watch for a close of the RSI above the mean level of 50 on the daily timeframe to confirm the continuation of the trend.
Noteworthy, the Moving Average Convergence Divergence has also moved above the orange band of the signal line. The MACD histograms are also in positive territory, solidifying the case for the bulls.
If bullish momentum increases and the RSI closes the Friday trading session above the 50 mean level, the Cardano price could extend the gains to test the $0.4948 blockade.
A decisive candlestick close above this level would provide the jumping-off point for a continuation of the uptrend. This could see the Cardano price climb high to tag the $0.5607 resistance level.
In a highly bullish case where the Cardano price reclaims above the aforementioned level, the late bulls and skeptics would be enticed to buy ADA. At this point, ADA would be attractive to buy as $0.5607 is a formidable resistance.
The ensuing demand pressure could send the Cardano price further north, potentially as high as to reclaim the $0.8199 range high.
GeckoTerminal: ADA/USD 1-day chart
Converse Case
On the other hand, if traders start cashing in on the gains made this week, the premature profit booking could cause a rejection. A slip below the $0.4265 support level would invalidate the bullish thesis.
As some analysts criticize Cardano, crypto analyst and YouTuber ClayBro is saying new Base chain meme coin presale Base Dawgz (DAWGZ) can ”create millionaires.”
Promising Alternative To Cardano
DAWGZ is the native cryptocurrency for the Base Dawgz ecosystem. The Dawgz presale only went live on June 4 and has already raised more than $435K.
DAWGZ operates primarily on Base but also resides on Ethereum, Solana, BNB Chain, and Avalanche.
As its website says, DAWGZ is inspired by the ”spirit of base jumping” and is interoperable on multiple chains. This multichain functionality helps widen the appeal of DAWGZ to investors.
DAWGZ tokens are priced at $0.00479 each, but a price hike is coming in less than four days.
Visit and buy Base Dawgz here.
Also Read:
- How to Buy Base Dawgz Token – $DAWGZ Presale Review
- Base Dawgz Price Prediction – DAWGZ Price Potential in 2024
- Best Base Chain Meme Coins To Buy – 2024 Guide
Most Searched Crypto Launch - Pepe Unchained
- Layer 2 Meme Coin Ecosystem
- Featured in Cointelegraph
- SolidProof & Coinsult Audited
- Staking Rewards - pepeunchained.com
- $10+ Million Raised at ICO - Ends Soon
Join Our Telegram channel to stay up to date on breaking news coverage
