This Cardano Chart Shows Why Charles Hoskinson is So Pissed At Bitcoin
NOIDA (CoinChapter.com)—ADA, Cardano’s native token, continues to struggle despite the much-anticipated “Chang” hard fork going live. Cardano founder Charles Hoskinson claimed the upgrade would introduce decentralized governance, where ADA holders could vote on proposals and elect representatives.
But the market was not impressed. Instead of celebrating, ADA’s price dropped almost 3%, continuing its losing streak. It is currently hovering around $0.30, down more than 13% in the week beginning Aug .26. Even with the successful implementation of the hard fork, which transfers control to the ADA community, the market used the upgrade as a ‘sell-the-news‘ event.
Bitcoin vs. ADA—A Battle Hoskinson Can’t Win
Charles Hoskinson has had it with Bitcoin, and it’s painfully obvious. ADA’s price action against Bitcoin has been a two-year downward slide, locked in a descending channel, hitting lower highs and lower lows as Bitcoin enjoys its dominance.
Cardano founder Charles Hoskinson’s views on Bitcoin.
While Hoskinson’s talking about how Bitcoin is a “religion, not an ecosystem,” the price charts suggest he might just be venting because Bitcoin is smacking ADA around like it owes BTC money.
Technically speaking, a descending channel pattern has trapped the ADA BTC pair, and there is no clear sign of escape. Hoskinson’s frustration isn’t just philosophical; it’s personal. Bitcoin doesn’t just overshadow ADA; it practically buries it, as evident in the Cardano founder’s latest video.
In the video, he claims Bitcoin “needs the industry to survive” but argues the industry doesn’t need Bitcoin anymore.
ADABTC is moving inside a descending channel. Source: Tradingview
Really, Mr. Hoskinson? Judging by this chart, ADA needs much more than decentralized governance to keep up with Bitcoin.
The Cardano founder even compared Bitcoin to Windows, suggesting that, like Windows, Bitcoin might lose relevance over time. But here’s the thing: while ADA struggles to stay relevant and fights to keep its head above water, Bitcoin is the Windows of its heyday.
ADA, on the other hand, is like a second-tier Linux distribution niche. It may be promising, but it is definitely not winning any popularity contests.
As such, Hoskinson’s frustration with Bitcoin is starting to sound more like the rantings of a founder who’s tired of watching the market crush his project.
Bearish Setup Compound Woes
Meanwhile, the ADA USD pair has formed a bearish technical setup called the ‘descending triangle.’
ADAUSD pair formed a bearish setup with a 71% downside target. Source: Tradingview
Analysts recognize the descending triangle as a bearish continuation pattern. The configuration features a declining upper trendline that compresses price action into lower highs, while a flat lower trendline serves as consistent but weakening support.
The pattern signals intensifying selling pressure, resulting in progressively weaker rallies that struggle to breach resistance.
In this setup, traders estimate the potential downside by measuring the maximum height of the triangle. Pepe coin’s price recently broke out of this descending triangle, only for bulls to push it back within the pattern.
However, if the Cardano token’s price confirms the bearish setup, the ADA USD pair could plummet by over 71%, reaching a target near $0.094.
A breakout below the pattern in the current market climate could be catastrophic for ADA prices, potentially resulting in significant losses for the trading pair.
