Cardano’s Hoskinson weighs in on ‘dangerous’ regulation
Charles Hoskinson, the founder of Cardano, has been struggling to maintain its relevance in the cryptocurrency market in 2024. ADA prices have underperformed relative to their peers and have already lost 25% at the beginning of the year.
This performance is in stark contrast to the growth trajectory of other first-layer blockchain platforms such as Ethereum and Solana. The Cardano community has expressed concerns about the platform’s strategic direction and ability to innovate effectively amidst changing market dynamics.
Furthermore, it seems that the blockchain platform’s woes paved the way for recent actions and comments from Cardano founder Charles Hoskinson, whose comments appear aimed at reigniting interest and confidence in the project.
However, the price action of ADA over the past 30 days is not worth mentioning. The coin has been continuously forming lower highs.
Trump is good, Biden is bad for Cardano, says Hoskinson
The Cardano founder has publicly expressed his views on the 2024 U.S. presidential election and its potential impact on the cryptocurrency market, especially ADA.
Cardano’s Hoskinson was critical of President Biden’s administration, highlighting the adverse impact that regulatory policies have had on the cryptocurrency industry. The Cardano CEO noted that the administration’s approach has caused significant damage to the industry, leading to job losses and stifling innovation.
Furthermore, Hoskinson’s stance aligns with the broader sentiment within the cryptocurrency community, which has grown increasingly wary of tight regulatory measures. He stressed the importance of electing a president who supports the growth and development of the cryptocurrency industry.
Hoskinson’s comments suggest that a continuation of current policies under Biden could further depress ADA’s price. He believes that regulatory uncertainty could hinder investment and development within the Cardano ecosystem.
Conversely, Hoskinson acknowledged that while former President Donald Trump’s administration largely did no harm to the cryptocurrency industry, his unpredictable leadership style posed risks of its own.
As such, Cardano’s Hoskinson seemed to believe that neither candidate offered a perfect solution, but that the industry needed a regulatory environment that fostered innovation rather than stifled it.
Furthermore, Hoskinson’s comments highlight the critical intersection between political leadership and market confidence, suggesting that the outcome of the 2024 election could significantly impact ADA’s trajectory.
Furthermore, Hoskinson’s comments may have helped traders take notice of ADA and register some gains for the coin. Additionally, if Trump wins the election, ADA supporters may go on a buying spree, driving the coin’s price higher.
Potential Gemini Listing
Amid these broader strategic issues, rumors began to circulate about ADA being listed on the Gemini exchange.
The speculation stems from comments by Frederik Gregaard, CEO of the Cardano Foundation, who said efforts are underway to increase the number of Cardano-based tokens listed on major exchanges.
Additionally, Gemini recently published a detailed article about Cardano on its Cryptopedia platform. The article outlines the blockchain’s fundamentals and roadmap.
The Cardano community has been unhappy in the past with Gemini’s reluctance to list ADA, especially given the security issues and financial woes associated with the exchange in the past. However, Gemini’s release of educational content about Cardano could hint at a potential shift in stance.
If Gemini were to list ADA, it could provide the coin with much-needed liquidity and market exposure. This could drive positive price action for the troubled coin.
ADA price forms a bullish pattern
Another bullish signal in support of ADA’s price is the fact that the coin has formed a bullish technical setup known as the “bull flag pattern.”
The bull flag pattern forms when the cryptocurrency token price experiences a near vertical rise, forming a flagpole. This pattern is usually seen in assets that are in a strong uptrend.
After the steep rise, the asset went through a consolidation period, forming the flag of the pattern. Despite the initial strong rise, the price remained stable as buying persisted. Usually, a breakout from this consolidation phase triggers another significant uptrend.
The pattern is completed when price breaks out from the flag area, effectively resuming the prior uptrend. Traders predict the price target of the breakout by adding the length of the flag pole to the breakout price level. This calculation helps predict potential continuation of price.
According to the rules of technical analysis, if the coin confirms this technical pattern, the ADA price could rise above 271% to reach the theoretical price target of the pattern near $1.62.