Hoskinson Declares Cardano Remains Top Dog

In a recent post on social media platform X (formerly Twitter), Hoskinson reaffirmed Cardano’s status, claiming it is “still number 1.�?This statement follows his remarks at the Token2049 Conference in Singapore, where he discussed the new governance model of the Cardano network. 

Hoskinson emphasized that this model “redistributes power�?from a select few to the broader community, addressing a key concern he sees with Ethereum’s “centralized structure.”�?/p>

Hoskinson pointed out that Ethereum’s reliance on its founder, Vitalik Buterin, creates “a bottleneck for innovation,�?whereas Cardano’s Chang hard fork has established a framework that ensures ongoing development regardless of individual involvement.

Hoskinson further highlighted how delegated representatives (DReps) can now engage with one another, vote, and utilize a blockchain-based governance system to regularly ratify the network’s roadmap. He stated emphatically, “Charles, alive or dead, doesn’t matter. There’s still going to be innovation on a daily basis.�?/p> In addition, the Cardano blockchain has shown significant growth in key metrics, boasting over 74,000 Plutus scripts and the creation of 1.3 million delegated wallets over the last seven years. 

Additionally, approximately 1,373 projects have been launched on the platform, as highlighted in a commemorative video by Input Output Global (IOG), the development company behind the blockchain.

Final Transition To Decentralized Governance?

Looking ahead, Cardano aims to replace its initial genesis keys, which have been instrumental in managing the network since its inception. This transition will be supported by increased participation from stake pool operators (SPOs) and DReps, as well as the establishment of a Constitutional Committee (CC).

The final transition to the Voltaire era, signifying a fully self-sustaining blockchain, will occur with the final use of the Genesis keys, triggering another hard fork. However, further announcements and dates for these developments have yet to be released by IOG or the blockchain’s founder.

At the time of writing, Cardano’s native token ADA trades at $0.352, recording a 2% price surge in the last 24 hours.  

Cardano Price Tests Key Levels

Market expert TrendRider highlighted this potential in a recent post on X (formerly Twitter), noting that the super signal indicates a strong possibility for ADA to gain value against Bitcoin in the upcoming weeks. 

This signal carries historical significance, boasting an 80% accuracy rate whenever it has appeared, suggesting that further price gains for Cardano are not just hopeful speculation but grounded in past performance.

Currently trading at $0.398, ADA is at a critical juncture, testing the 21-day exponential moving average (EMA). TrendRider emphasizes that if Cardano manages to close the week above this level, it could signal the continuation of an upward trend. 

Following this, the price is expected to encounter volatility around the $0.430 mark, where the 50-day EMA is situated, and again at $0.490, which aligns with the 100 and 200-day moving averages. 

However, according to TrendRider’s analysis, the ultimate target for Cardano could be the 200-day simple moving average (SMA) at $0.75, which would be a significant milestone for the token following the significant price declines it has experienced over the past month.

Market Analyst Predicts “Up Only�?Phase

Further reinforcing the bullish outlook, market analyst Alexander Legolas recently asserted that the crypto market has entered an “up only�?phase. This optimism extends not only to Cardano but also to other prominent altcoins, which have shown signs of recovery following two notable market corrections of over 20% each on August 5 and September 6. 

Legolas further predicts that ADA could experience substantial upward momentum in the coming months, particularly as liquidity increases in the altcoin market. He points to the recent breakout of the total3 Alt chart from a massive cup and handle pattern as a key indicator of positive market sentiment. 

Buy Signals For Cardano 

Despite these short-term setbacks, analysts remain optimistic about Cardano’s future price trajectory. Trend Rider, a technical analyst, has highlighted a significant development on ADA’s one-week chart: the ADA Oscillator Wave has turned green for the first time in 46 weeks. 

Looking ahead, Trend Rider believes ADA is poised to test a resistance level at $0.400, which would represent a 13% increase from its current trading price. Such a move could pave the way for further upward momentum, potentially pushing Cardano toward long-term resistance levels of $0.460 and $0.480.

Another analyst, Jesse Olson, has also expressed a bullish outlook for Cardano, observing a pending buy signal after the token established a higher low on its daily chart. 

Supports To Watch For ADA

Amid these bullish predictions for the Cardano token by both analysts, key levels must hold to mitigate potential corrections in the coming days. Currently, a critical support level is situated at $0.3445, which has provided stability for the token over the past week, essential for maintaining potential upward momentum in the coming days.

Should the $0.3445 support be breached, the next significant target to monitor is the $0.3296 region, which represents this week’s lower price point for ADA. A drop to this level would indicate a weakening bullish sentiment and could trigger additional selling pressure.

However, the situation could worsen if the bears continue to gain strength. The next major support level to watch is at $0.3150, which would signify a drop of over 10% from current prices. This level is crucial as it has acted as a strong defense for ADA, and its breach could signal a more prolonged downtrend.