Cardano Price Forecast: Can ADA Bounce Back After Founder’s Bold Claims?

Cardano’s price has been trading in a tight range near a crucial support level, following a recent interview by its founder Charles Hoskinson. The cryptocurrency was priced at $0.80, down over 40% from its highest level in December last year.

Hoskinson’s Vision for Cardano

During a YouTube interview, Hoskinson blasted Ethereum and Solana, highlighting Cardano’s unique differentiator: its integration with Bitcoin. He believes this unexplored $2 trillion opportunity will set Cardano apart as the Decentralized Finance (DeFi) layer of the Bitcoin network.

“Somebody is going to crack it. We will work on it hard as we aim to be the DeFi layer of the Bitcoin network. I don’t think Ethereum and Solana have what it takes to achieve this.”

Upcoming BitcoinOS Integration

Hoskinson’s interview followed Cardano’s recent partnership announcement with BitcoinOS. This integration, expected to be activated in the next few months, aims to bring Cardano closer to its goal of becoming the DeFi layer of the Bitcoin network.

Competing with Other Blockchain Networks

While Cardano is not the first blockchain to create a Bitcoin layer, its competitors, such as Core and Stacks, have already made significant progress. Core, a layer-2 for Bitcoin’s ecosystem, has attracted 53 developers and a total value locked of $626 million, while Stacks has 12 dApps and $104 million in assets.

Criticism of Ethereum and Solana

Hoskinson also criticized Ethereum for promoting layer-2 networks, which have taken its users. He argued that these L2 networks, such as Base, Arbitrum, and Optimism, have become key players in the Ethereum network, handling transactions worth billions of dollars.

Additionally, Hoskinson blasted Solana, a highly popular Cardano competitor, arguing that it cannot survive, especially when data moved in its ecosystem surges.

Cardano Price Forecast

The weekly chart shows that ADA price peaked at $1.32 in November last year and then retreated. Its upper side was a crucial level since it coincided with the 38.2% Fibonacci Retracement level.

Cardano then retreated to $0.524 as it moved to form the second phase of the Elliot Wave pattern. This phase is usually followed by the third one, which is usually bullish and the longest.

Here are some key points to consider for the Cardano price forecast:

  • Cardano remains above the 50-week moving average, a sign that bulls are in control.
  • The coin will likely bounce back as bulls target last year’s high of $1.32, up by 70% from the current level.

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