Cardano price rises to $25? — Charles Hoskinson reacts to ADA pricing issue

Cardano price rises to $25? — Charles Hoskinson reacts to ADA pricing issue

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ADA

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Cardano (ADA) continues to face a slow trading environment, with its price stuck around $0.45 for several weeks. This lackluster performance comes after a major price correction, with a drop of approximately 45% between mid-March and mid-April. 

To add to the challenge, ADA recently gave up its market cap position to Dogecoin, whose market cap is now a staggering $7.1 billion higher than Cardano's.

In response to persistent ADA price weakness, Charles Hoskinson, the founder of Cardano, also expressed his displeasure with the coin's performance. Hoskinson recently reacted to a meme tweet shared by a prominent ADA advocate, highlighting the ADA's inability to break the $0.45 mark. His response, in the form of a meme of a skeleton apparently waiting for something, resonated with many in the community who share his frustration.

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However, despite the price challenges, analysts remain cautiously optimistic. ADA has been trading in a sideways channel between $0.40 and $0.80 since the price surge in late November last year. Analysts note that a break above this channel could push ADA to higher levels. However, a drop below this point could indicate a reversal. There is another support zone at $0.42, which historically causes bounces. Failure to maintain this level could intensify selling pressure.

An analyst under the pseudonym “Chart Wizard” raised the possibility of a bullish rally, drawing parallels to historical growth trends. In an analysis shared on platform $ADA