Cardano Price Analysis: Anticipating Developments Over the Next 48 Hours

Crypto News– In a recent post, Charles Hoskinson, the co-founder of Cardano (ADA), weighed in on the enduring debate surrounding Ethereum’s interactions with the U.S. Securities and Exchange Commission (SEC). Hoskinson’s comments were prompted by renewed discussions spurred by an early advisor to the Ethereum network.

Cardano Price Analysis: Anticipating Developments Over the Next 48 Hours

In his post, Hoskinson revisited Ethereum’s early history, emphasizing its modest origins as an $18 million initial coin offering (ICO). He posited that, during this period, the SEC essentially turned a blind eye to Ethereum’s operations, allowing the project to flourish without significant regulatory scrutiny. He further speculated that personal relationships might have played a role in this regulatory leniency.

However, Hoskinson dismissed the notion that Ethereum engaged in any form of bribery to prompt the SEC to target Ripple and its native token, XRP. He categorically refuted any conspiracy theories alleging collusion between the SEC and Ethereum to the detriment of Ripple, deeming such claims as unsubstantiated.

Cardano (ADA) Technical Overview

Examining the 4-hour Chart for ADA/USDT, we observe that ADA’s price has broken out of a short-term ascending price channel within the last day of trading. However, it’s worth noting that ADA’s price is still within a medium-term positive price channel. Nonetheless, the breakout from the short-term channel could potentially result in a correction for ADA’s price, targeting the $0.2471 support level, which aligns with the lower boundary of the longer-term channel.

A breach below this level would expose ADA’s price to immediate support at $0.237 within the next 48 hours. Conversely, if ADA’s price rebounds from the lower boundary of the medium-term channel, it may attempt to challenge the upper boundary of that channel.

Subsequently, a 4-hour candle closing above the medium-term price channel could set the stage for ADA’s price to transform the $0.2645 resistance level into support. Sustained buying pressure may then propel ADA’s price toward the $0.2920 barrier over the course of the following two weeks.

Furthermore, an observation on ADA’s daily chart reveals the formation of a symmetrical triangle pattern in recent days. This pattern indicates the potential for an upcoming breakout. In the event of a downside breakout, ADA’s price could target the immediate support at $0.2375.