Cardanos Charles Hoskinson Agrees ADA Price is About to Explode Heres Why
Cardano founder Charles Hoskinson believes ADA is poised for a major liftoff once the bull cycle begins.
On Thursday, Hoskinson commented on the growing potential for a significant surge in ADAs price, following a chart analysis by investor Rick McCracken. Displaying ADAs price chart, which showed a strong uptick that day, McCracken suggested that ADA is primed for a substantial price increase, describing it as being on the verge of a face-melting rip.
Hoskinson, echoed the sentiment, commenting, and the bull market hasnt even started yet, hinting that the full bullish trend for ADA is yet to materialize.
Hoskinsons remarks came after ADA experienced a notable surge Thursday amid a broader rally in the cryptocurrency market, with Bitcoin tapping $100,000 for the first time since February.
Notably, ADAs surge also aligns with a new Cardano price risk model, suggesting that the bull market for ADA is still in its infancy. Despite early-stage bullish indicators, the model implies that Cardanos market has not yet entered its full bull run.
On Wednesday, Dan Gambardello, founder of Crypto Capital Venture, provided a deeper look at ADAs market conditions through the model. According to this model, ADAs Long-Term Risk Score currently stands at 37, categorized as a Moderate Buy.
The analyst emphasized that while the price has increased by 37% historically, this suggests the bull market for Cardano has not yet begun. The risk model classifies ADAs risk level as moderate, which is favorable for investors looking to enter the market early in the cycle.
Its not that there is a lot left of the Cardano bull market. Its that the Cardano bull market hasnt even started. Brand new CCV ADA risk model looking primed, he wrote.
Meanwhile, popular crypto analyst Ali Martinez presented a chart illustrating ADAs movement within a descending parallel channel over the past two weeks. While ADA has faced resistance near $0.72, Martinez believes a breakout above this resistance could trigger a rise toward the $0.80 level, signaling a potential upward breakout.
In addition to technical indicators, on-chain metrics reveal encouraging signs for ADA. Data from IntoTheBlock highlights a notable increase in network activity, with new addresses growing by 4.79% and active addresses rising by 11.99%. These figures suggest that more users engage with the Cardano network, which typically precedes price surges. Whales have also been scooping up ADA at high-rate, in anticipation of a major price surge.
ADA traded at $0.73 at press time, reflecting a 9.43% surge in the past 24 hours. The coin also saw a 53% increase in its 24-hour trading volume, reaching $952.6 million. While the current price is still far from its 2021 all-time high of $3.10, analysts view it as an attractive entry point for those anticipating a major price surge.
Read more: https://zycrypto.com/cardanos-charles-hoskinson-agrees-ada-price-is-about-to-explode-heres-why/
Text source: ZyCrypto
