Cardano (ADA) has been in a bearish trend since breaking above its all-time high ($3) at the beginning of September.
Despite some important announcements and steps of the project, the project, which could not show much improvement, has been upsetting its investors for a while. ADA founder Charles Hoskinson, who made this an agenda item before, stated that the important thing is not the price increase, but the technology underlying the project. Hoskinson, who once again brought the issue to his agenda, called for calmness to his followers on YouTube.
Underlining that the sales of cryptocurrencies are extremely natural, the famous name stated that investors are selling some of their assets to gain profit, and it is unnecessary to panic because of these sales and wanted investors to be calm. Stating that ADA stands out as a benefit-based project when compared to useless coins such as Dogecoin and Shiba, Hoskinson stated that investors who are obsessed with price experience a “lack of perspective”.
If you look at a 5, 10, 15, 20 year package you really feel that Cardano is likely to be the backend of many nation states.
Hoskinson explained that there is no way to accurately predict how much Cardano will make when it reaches its full potential. However, Hoskinson added that he sees Cardano as “the greatest human rights defender the world has ever seen.”
On the other hand, Hoskinson, who announced that a series of new updates will be made with a share he made on Twitter, introduced the new proxy key sequence. Expressing that their aim is to create 3 different private keys, the founder explained that these include spending, voting and staking keys. Stating that this innovation is of great importance in terms of security and privacy, Hoskinson also mentioned that these features will become active with the update called “Daedalus”.
On the other hand, when we look at the current prices, if we draw the Fibonacci retracement levels together with the latest Cardano rally, it is possible to say that ADA is currently in a correction phase. Therefore, it can be said that the $1.75 support level can provide strong support for ADA/USD.
It is obvious that Cardano bulls, currently trading at $1.78, will not be able to push the altcoin above $1.85 in the near future, but ADA is making a great effort to break above the $1.90 resistance level.