Over the past 24 hours, the Cardano price has seemingly breathed new life, with a 3.83% uptick.
This comes amidst Cardano CEO Charles Hoskinson's claims that Cardano is the "Number 1" blockchain despite its recent underperformance.
This represents a comeback from what has been a disappointing week for Cardano, down 6.26% since last Monday, struggling to break ground after a market boost brought by better-than-expected U.S. jobs data.
Indeed, with today’s rebound, eyes are back on Cardano.
The altcoin's trading volume has surged a steep 44.55% to $189.3 million over the past 24 hours.
Can Cardano be the "Number 1" Blockchain?
Hoskinson made these bold claims in several recent X posts, affirming that the popular proof-of-stake blockchain is still “number 1,” crediting this status to a significant edge in decentralized governance over other blockchains.
Interestingly, this comes as Hoskinson is preparing to unveil a new roadmap at the Cardano Summit in Buenos Aires, Argentina.
According to him, these "amazing" items on the yet-to-be-released roadmap would set Cardano apart from other blockchains by a significant margin.
Notably, in past comments made during the Token2049 event in Singapore, Hoskinson highlighted Cardano as a contender for the throne, asserting its potential to prevent the “dictatorship of Ethereum” and the “anarchy of Bitcoin.”
He emphasized Cardano’s lasting solution to the “governance trilemma” of “efficiency, effectiveness, and integrity,” positioning it as a powerful force in the blockchain space.
Cardano Price Analysis: Can ADA Break Its Downtrend?
A closer look at the Cardano price chart lends credibility to its potential, as it seems eager to retest the narrowly expanding triangle pattern that has defined its recent downtrend under fear, uncertainty, and doubt (FUD).
Most notably, a successful bounce from the support at $0.3450 adds weight another retest of the upper bound of this pattern, suggesting newfound footing after its previous failed attempt.
However, momentum indicators have yet to catch up, with the Relative Strength Index (RSI) still waning as it struggles to decisively break above the neutral line. While the RSI is not oversold at 45, it still retains its bearish lean.
Conversely, the Chaikin Money Flow (CMF) demonstrates a clear influx of capital and a movement away from the significant sell-offs seen the week prior, with a position at +0.05.
Despite the bearish sentiment suggested by the RSI, there is underlying buying pressure that could support further upward movement.
As the MACD line appears to level out, a convergence back towards an overtake of the signal line may be in play, but the bulls have work to do if they are to take control.
Given these challenges, Cardano doesn’t appear ready to overcome the next resistance at $0.3730 just yet. A retest of the support at $0.3450 seems more credible in the meantime.
Should Cardano manage to sustain its growth, the next significant hurdle would be a retest of the 200 SMA.
Overcoming this barrier would confirm a breakout from the pattern and set the stage for a sustained push to the resistance at $0.550, or further to $0.6660.
This Cardano Flanker Has Higher Gains Potential
While Cardano’s fundamentals appear bullish, its full impact may not be realized in the near term. Therefore, strategic investors might find it advantageous to diversify into newer low-cap meme coins with exponential growth potential.
One such coin is Flockerz ($FLOCK), the vote-to-earn meme coin that follows in Cardano's footsteps with its emphasis on decentralized governance, addressing the common criticism of meme coins being overly centralized.
Behind every strong meme coin is a stronger community intrinsic to its value. So why do these communities get sidelined in decision-making?
Flocktopia, the DAO of Flockerz, aims to correct this imbalance, and the meme coin community has already shown its support, raising nearly $500,000 in its presale!
With this decentralized structure, members of “The Flock” can influence key aspects of the project, including new features, development, token burns, marketing strategies, and growth initiatives.
Under Flocker’s vote-to-earn system contributions do not go unnoticed, those who participate in decision-making earn rewards in $FLOCK tokens.
But the rewards don't stop there! Investors are currently enjoying one of the biggest passive income opportunities right now, boasting a lucrative 3,809% APY. While the market wanes amidst recent volatility, The Flock continues to rake in consistent gains!
Join The Flock community on X and Telegram to stay up to date on the latest announcements.
The post Cardano Price Analysis: Hoskinson Claims Cardano as "Number 1" Blockchain Despite ADA’s Bearish Trend appeared first on Cryptonews.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
