Once again, Charles Hoskinson, the founder of Cardano, is in the headlines as he addresses some recent misinformation about the project. Hoskinson clarified that the rumors circulating were false, but despite his explanation, ADA’s price did not respond positively to the news.
Cardano Founder Calls Out ‘FUD’ and Denies Rumors
As reported by Deythere, a group of well-known crypto analysts, including MartyParty, InvestAnswers, Mando, and CTO Larson, participated in a podcast on September 11. During the discussion, InvestAnswers raised questions about why projects like Cardano (ADA) and Ripple (XRP) maintain high market capitalizations despite minimal price movement.
In response, Mando claimed that some Cardano investors were restricted from retrieving their ADA holdings, which in turn, prevented the market cap from dropping. Shortly after the video was released, Charles Hoskinson stepped in to refute these claims. He mentioned that Fear, Uncertainty, and Doubt (FUD) around Cardano had reached “epic levels.” Hoskinson stated, “The lies and misinformation about Cardano have reached epic levels. Stake is not locked, yet they still lie. Why are these people still trusted?”
ADA Price Fails to Respond Positively
Despite Hoskinson’s clarifications, ADA’s price fell from $0.35 to $0.33. This indicates that his statement was not enough to lift the token’s value. According to Santiment data, the Market Value to Realized Value (MVRV) Long/Short Difference stands at -19.93%. This negative reading implies that short-term ADA holders are seeing more unrealized profits compared to long-term holders, signaling bearish market conditions.
If long-term holders had more gains, it would suggest a bullish outlook for ADA.
ADA Price Prediction: No Immediate Recovery in Sight
Looking at the technical analysis, crypto analyst Victor Olanrewaju examines ADA’s current chart. The daily ADA/USD chart shows that the token has formed a head-and-shoulders pattern, a technical indicator that signals a shift from bullish to bearish sentiment. This formation consists of three key parts: the left shoulder, the head, and the right shoulder. ADA’s price initially rose to a peak, then fell to the neckline of the left shoulder before rising again past the first peak. However, it has since dropped back down to the neckline, creating the right shoulder.
This pattern suggests that the downtrend may continue. According to the Fibonacci retracement indicator, ADA could fall to $0.31. However, if there is strong accumulation and broader market recovery, the trend could reverse, potentially pushing ADA’s price up to $0.39.
Cardano, ADA price, Charles Hoskinson, FUD, market capitalization.
