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Predictions for the Price of Cardano as Hoskinson Says Biden Is "Killing Crypto"
On Friday, the price of Cardano (ADA) fell 4% after it encountered heavy resistance at its 21DMA again and despite claims made by Charles Hoskinson, the cryptocurrency's inventor, that US President Joe Biden is attempting to destroy crypto.
With the 21-day moving average (DMA) around $0.467, ADA has been unable to break out of its week-long rally and was last trading around $0.445.
The bears clearly have the upper hand in this market because of it.
Traders are keeping an eye on the statements made by Cardano's creator in addition to the price forecast.
He warned crypto holders that the Biden administration's goal is to "destroy the US crypto industry" if they voted for him in November.
The 2023 price of ADA was significantly affected by the SEC's explicit classification of it as a security.
"Operation Choke Point 2.0" was allegedly launched by the Biden administration with the goal of debanking US crypto businesses.
The SEC has used various tools, such as SAB121, to try to limit cryptocurrency. Biden has been vocal in his opposition to SAB 121, which is being challenged by the US House.
Can We Expect Cardano's Price to Drop to Zero?
In the short term, the price of Cardano (ADA) is not looking good. Starting in late March, the Bitcoin encountered severe resistance near its 21DMA.
Retesting the current lows around $0.40 seems probable given the bearish sentiment.
As it encounters resistance at its 21DMA, the Cardano price is on the verge of a bearish breakthrough.
The price of ADA might drop much more. Some of its competitors, such as Toncoin, are seeing price increases due to adoption stories.
ADA isn't good at telling stories, thus it doesn't have a compelling adoption tale.
Cardano ranks 26th with a TVL of around $350 million, according to DeFi Llama, behind Hyperliquid, Ultron, and MultiverseX.
Its present market cap position of 10th may be inflated, according to that.
