In the midst of the SEC’s crypto crackdown and the growing uncertainty in the cryptocurrency market, Cardano has caught the attention of investors.
Founder Charles Hoskinson’s recent efforts to bridge the gap with the XRP community have sparked discussions about the future of Cardano (ADA).
As the community eagerly watches these developments, the question arises: has ADA already hit its bottom?
In this Cardano price prediction, we will examine recent events, market trends, and technical indicators to assess the potential support levels for ADA and provide insights into its future price movements.
Founder Charles Hoskinson Appears to Settle Differences with XRP Community Amid SEC Crypto Crackdown
The founder of Cardano, Charles Hoskinson, appears to be open to reconciliation with the XRP community after previously criticizing them for engaging in online trolling.
This gesture is essential in maintaining unity within the cryptocurrency sector, especially amidst the ongoing SEC crypto crackdown.
Tensions between Charles Hoskinson and the XRP community peaked in October 2022 when he revealed that he had been subjected to abuse and bullying by some members of the XRP community.
In an effort to restore peace, Charles has committed to mending the relationship with the community.
While the exact course of action is yet to be determined, Charles Hoskinson is expected to refrain from publicly criticizing XRP now that he has expressed his willingness to reconcile with the community.
He surprised the cryptocurrency market by sharing a tweet on his official Twitter handle, which was interpreted as Charles Hoskinson’s effort to foster unity within the community, particularly in light of the SEC’s declaration of Cardano (ADA) as a security.
Many individuals suggested that Hoskinson organize a Twitter event to formally end public criticism and establish a more positive relationship with the XRP community.
While the details of such an event are yet to be clarified, it is believed that steps will be taken in the future to address these matters.
It has become evident that no entity is exempt from the SEC’s regulatory reach, as demonstrated by their recent actions against major exchanges like Binance and Coinbase.
Some members of the XRP community have responded positively to the call for peace, recognizing that failure to unite now could lead to more significant issues for the entire cryptocurrency sector in the future.
Hoskinson’s gesture of reconciliation is expected to contribute to navigating the current challenges faced by the cryptocurrency industry.
Cardano Price Prediction
The current price of Cardano (ADA) is $0.26812, and it has experienced a 6% increase in the past 24 hours.
With a 24-hour trading volume of $595 million, Cardano holds the #7 position on CoinMarketCap.
The live market capitalization of Cardano stands at $9.3 billion.
It has a circulating supply of 34,903,977,012 ADA coins, and the maximum supply is set at 45,000,000,000 ADA coins.
On the technical side, the ADA/USD pair is currently displaying a strong bearish trend.
It recently broke below a key support level at $0.2779, signaling the further potential for selling pressure.
The next significant support level to watch for is at $0.2424, where a double bottom pattern is forming on the 4-hour timeframe.
This pattern suggests a potential reversal in price direction.
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