Cardano (ADA) founder Charles Hoskinson has clapped back at critics spreading false information about Cardano.
Hoskinson was responding to the “DCA Live—Bottom is in” discussion by crypto analyst MartyParty, which poked holes in ADA’s huge market cap despite price inaction.
ADA is the 11th-largest cryptocurrency with a market capitalization of $12.4 billion. The discussion alluded to locked staking being behind this growth. It also claimed that Cardano lacked an uptick in activity, which could unravel the price in the future.
“They can’t sell. They are locked into staking. They cannot unstake. That was the trick earlier on, especially Cardano,” the discussion claimed. They further opined that ADA prices could drop in the coming months because of this.
Hoskinson has since fired back at the criticism, refuting claims that there are any ADA tokens in locked staking.
“The lies and misinformation about Cardano have reached epic levels. Stake isn’t locked, but they still lie. Why does anyone trust these people anymore?” Hoskinson said.
Data from CardanoScan shows that 22.81 billion ADA tokens are currently staked, representing more than half of the supply. However, these tokens are held in liquid, non-custodial staking, meaning investors can withdraw their tokens at will.
ADA bullish pattern emerges
ADA was trading at $0.346 at the time of writing after a 0.65% surge in 24 hours after succumbing to the bearish sentiment across the broader market.
ADA is currently making a bullish pattern on the one-day chart that could show the price entering a massive rally. The altcoin has made a double-bottom pattern that indicates the end of a downtrend and the possibility of an upcoming uptrend.
This pattern emerged on the one-day chart. If the price breaks the crucial resistance at $0.39, the next target will be $0.45, a 33% jump from the current price.
(Source: TradingView)
The Relative Strength Index is currently at 46, a near-neutral level. Moreover, on September 7th, when the RSI crossed above the signal line, it created a buy signal and an influx of buying activity in the market.
The Awesome Oscillator also flashes green, showing that bullish momentum could build up. However, the AO bars have yet to flip to the positive region, with such a shift set to confirm a bullish breakout.
If the bullish thesis fails, traders should watch out for a possible liquidity sweep below $0.30 before the uptrend resumes.
