This is a price analysis for Cardano $ADA since their price movement has been of particular note over the past few weeks.
Also, their CEO and founder, Charles Hoskinson has managed to land himself in the news several times in the few last days. We’ll cover that in this article as well.
Fundamental Analysis for Cardano
So, overall, one of the primary complaints from people that are invested in/fans of the Cardano protocol is that there has been a general sense of stagnation surrounding the protocol.
Of course, the massive drop in price throughout the course of 2018 hasn’t helped at all, either.
Here are some example posts:
Along with repetitive wallet (Daedalus) issues that users have been experiencing over the past few months:
The constant theme of having issues with syncing the wallet itself has been a constant theme among users.
This is something that the Daedalus programmers themselves have noted as well:
There Has Also Been a Steady Stream of Criticism for Charles Hoskinson (Perhaps Warranted)
Most notably, for social media posts such as this:
There’s also the consistent back and forth wars with Vitalik over the years (which are still ongoing), that continue to spill out into the public:
If you’re curious about the awkward and clearly tense, terse history between these two individuals, look no further than:
Their feud and Charles’ subsequent outbursts have led to apology letters such as this one:
Also, his escapades in crypto have been noted in this article as well:
In essence, Charles has bounced around from project to project, more or less either being ousted or forcibly extricating himself after creating enough bad blood among himself and his compadres to where an extraction was almost necessary in order for activities to resume as normal.
Charles also spend a significant portion of his day to responding to random threads about himself as well. Often leveling childish insults and attacks against his opponents:
He seems to have problems with all former business associates as well, blasting individuals such as Daniel Larimer, despite the fact that he worked with Daniel Larimer on Bitshares back in 2013 before eventually being ousted from that project as well:
Here’s a pretty thorough write-up on how this beef began. Note the presence of two notable names (Xiaolai Li and Bo Shen (Vitalik’s primary investor))
However, in recent times, he’s noted his lack of concern for the beef with Daniel Larimer due to the fact that “being a billionaire helps hard feelings fade”
Controversy Over Lisk as Well
Here is the resignation letter by Charles Hoskinson announcing his departure from Lisk as well (this makes 3/4 projects he has left).
It can be stated that he has left ‘four’ projects because it is implied that his launch of Cardano and subsequent criticism of Ethereum Classic implied a break from the protocol entirely:
His statements here on Ethereum Classic are also all in the past tense, implying that he is no longer involved with the protocol:
Thus, given all of the controversy, turmoil, fights with other notable figures in crypto, shady ties to Chinese investors, stagnation on Cardano, as well as the gloating on social media of his vast wealth, it’s no surprise that the Cardano protocol has suffered greatly as a result. More than likely, this can also be attributed to Charles’ seeming apathy to the results Cardano would garner.
Cardano Chart Analysis
I’ll start by analyzing this strictly on the USD chart pairing.
As you can see, $ADA is sitting on a somewhat long-term support that’s been established for the price.
It appears as though this has been holding up for the time being, with a substantial amount of consolidation going on at that support currently.
This is a make or break zone for $ADA.
If it busts below this point, then things could start to get really ugly.
However, if it ascends above, then it will continue to thrive.
Now, there is a chance that it does break above and hit the downtrend resistance from July 17th, 2018.
Above is a scrolled out view of $ADA on the H4 chart setting.
Now, there’s a chance that the price breaks above to hit that downtrend resistance, like this:
Here’s a Look at the Daily Chart
The above chart shows the situation that the price action is currently in.
From what we can see, it will either break upward out of this apex, or below.
Exponential Moving Averages
Update: While in the midst of curating this short price and fundamental analysis for $ADA, it appears that the price has begun to turn down substantially.
I guess it’s a bit too late to advocate for the short at this point, but the RSI for $ADA will now tread even lower on this chart.
Fortunately, though, this was caught and mentioned in the official Discord. Hopefully you were in there to catch the call.