Cardano Founder Defends Project Amid ADA Price Criticism

Cardano founder Charles Hoskinson took X to defend the project from its detractors, arguing that the network has continued to grow and thrive despite the criticism. As ADA’s price falls 2.9%, some analysts warn of the next key level to watch out for.

Charles Hoskinson Defends Cardano

On Thursday, Charles Hoskinson addressed the adverse response towards Cardano in an X post. Hoskinson noted that the crypto community’s sentiment about the project has lately been more negative than usual.

However, he argued that Twitter’s sentiment change isn’t a reflection of the project failing “but rather the desired result of Voltaire.” Cardano’s “Voltaire” era is set to turn the network into “the most advanced blockchain governance system,” focusing on decentralized governance and its future sustainability.

Hoskinson believes that Cardano’s collaborative efforts and the transparency of the network is what sets it apart from the rest of the crypto space. “It’s why we are loathed by a lot of others. Their backroom deals and dirty tricks can’t be hidden because there is no one to ask to do it under the table,” he added.

In the post, the project’s founder also underscored Cardano’s “passion” for integrity and long-term vision for growth and progress:

Short-term thinking, market manipulation, and companies seeking a handout have no role or place here. That’s the difference that makes a difference.

Lastly, Hoskinson remarked that the project is not dying but “thriving and growing.” He that ADA is one of the last cryptocurrencies still wanting to be a real crypto instead of “the patron of Blackrock and Wall Street for number go up preferences.”

ADA Could See A 10% Drop Soon

The crypto community reacted to Hoskinson’s message, with many arguing that, regardless of the developments, the Network’s “lack of volume” and “limited” ecosystem growth remains a problem for its community.

Meanwhile, part of ADA’s community agreed with Hoskinson, concurring that “it is the only chain that has truly built what I can only see as the groundwork to deliver on the promise of crypto.”

Despite the ongoing criticism, some market watchers remain bullish about ADA’s future price action. Crypto analyst Dan Gambardello recently predicted that the cryptocurrency will “easily” reclaim the $1 mark before year’s end.

To Gambardello, the exponential surge “could happen fast” and leave many “flabbergasted.” Additionally, he stated that after the 200% surge, ADA’s potential targets of $5 and $10 would “look more realistic.”

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Conversely, crypto analyst Sebastian warned about a key level to watch for following ADA’s recent performance. Earlier this week, the analyst highlighted that ADA showed signs of a breakout after retesting the trendline it had recently broken above $0.35.

However, the cryptocurrency’s price dropped 2.9% in the last 24 hours, falling below the $0.34 mark. The analyst signaled that ADA must hold the current levels as failing to bounce from the $0.335 level could send the token to a retest of the $0.30 support level.

As of this writing, ADA is trading at $0.337, a 1.95% and 2% decline in the weekly and monthly timeframes.

Featured Image from Unsplash.com, Chart from TradingView.com