Charles Hoskinson: This Altcoin Will Replace Bitcoin in the Future!
Cardano price prediction indicates that ADA could rise to $0.68 in the near future despite being in a downtrend. Charles Hoskinson believes that Cardano could replace Bitcoin. Why is ADA’s price declining before the Chang hard fork? Can Cardano overcome these obstacles and start to rise?
Cardano (ADA) Price Predictions Show a Downtrend Despite Numerous Updates by the Team
The upcoming Chang hard fork was expected to boost ADA‘s price, but overall market conditions may have hindered this plan.
ADA’s price dropped by 5% during the European session, trading at $0.396. On-chain analyses revealed that holders were exiting before the Chang hard fork. However, the ADA price chart indicates a potential path to rise to $0.68 in the coming days.
Charles Hoskinson: “Cardano Will Replace Bitcoin in the Future”
Charles Hoskinson, the founder of Cardano, believes that Cardano could replace Bitcoin in the future. Hoskinson concludes this because he thinks Bitcoin’s use case is limited. In an interview with Altcoin Daily, he stated that Bitcoin’s upper limit is not high, and therefore, the asset is replaceable.
While this reasoning might be valid, the current reality suggests that Bitcoin’s dominance could be responsible for ADA’s recent 5% decline. The ADA/BTC price also fell by 2%, dropping to 0.00000616 BTC.
Cardano Price Prediction: Bullish Setup Complete, ADA Targets $0.68
According to this Cardano price prediction, the asset is in a downtrend but is signaling a potential reversal as it approaches key support levels. The Cardano price is also exhibiting a multi-month falling wedge pattern, which is a potential reversal indicator. A price move bounce from the upper trend line of the wedge pattern could indicate a sudden upward movement. Currently, ADA’s price is trading below the 50-day ($0.4181) and 200-day exponential moving averages (EMA), indicating a downtrend. However, the price is attempting to move above the 50-day EMA.
Key resistance levels to watch include $0.46, $0.54, and $0.60. ADA price predictions suggest the price could first drop to $0.36 before rising by 87% to reach $0.68. The main support areas to monitor are $0.33 and $0.28.
The Relative Strength Index (RSI) is at 44.60 and shows a slight bullish divergence. The RSI has fallen below the 14-day SMA, indicating that the altcoin price might experience some short-term bearish tendencies before reversing. Similarly, the Chaikin Money Flow (CMF) is at 0.13 but has been consolidating since July 13. This indicates the presence of capital inflow and buying pressure, although at minimal levels.
Overall, technical indicators support an initial correction followed by an increase in the crypto asset’s price.
Note: This is not investment advice
