Cardano’s Charles Hoskinson Shares Bitcoin Meme
LUCKNOW (CoinChapter.com) — Charles Hoskinson, the founder of Cardano (ADA), recently shared a Bitcoin meme on social media. The meme humorously contrasts early Bitcoin enthusiasts with today’s investors.
Meme Reflects Shifting Investor Mindsets
The meme shared by Cardano’s Hoskinson depicts Bitcoin supporters in 2013 as resilient and determined, facing challenges like the Silk Road shutdown and WikiLeaks controversy. In contrast, it portrays modern-day Bitcoin investors as preoccupied with more mainstream concerns, such as Exchange-Traded Funds (ETFs), JP Morgan’s involvement, and debates over self-custody.
Source: X
In 2013, Bitcoin was still in its infancy, supported by a small community of believers who faced widespread skepticism. Fast forward to 2024, and Bitcoin has become a globally recognized asset, attracting institutional investors and a diverse community of supporters.
However, this growth has introduced new complexities. The issues highlighted in the meme, such as Bitcoin ETFs, major financial institutions’ involvement, and custody debates, reflect the challenges that have emerged as cryptocurrencies have entered the mainstream financial world.
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Cardano’s ADA Shows Strong Bearish Momentum
The Cardano (ADA) is currently trading at $0.333, with a 2.46% increase over the last 24 hours. This recent uptick suggests a potential short-term recovery, but the overall trend remains bearish as the price is still below all major moving averages.
ADA/USD Daily Price Chart. Source: TradingView
Looking at the Exponential Moving Averages (EMAs), we can see that the 20-day EMA is at $0.353, the 50-day at $0.380, the 100-day at $0.413, and the 200-day at $0.442. The price being below these EMAs indicates a strong bearish trend in the medium to long term. For a bullish reversal, ADA would need to break above these levels, starting with the 20-day EMA as the first significant resistance.
The Relative Strength Index (RSI) is currently at 40.29, slightly below the neutral 50 level. This suggests that ADA is neither overbought nor oversold, leaving room for movement in either direction. The RSI has been trending slightly upwards in recent days, aligning with the small price increase we’re seeing.
In terms of price action, ADA has been in a downtrend since July. However, the recent candles show some signs of potential reversal. The current price is testing the resistance around $0.335, which coincides with the recent lows from early August. If ADA can break and hold above this level, it could signal a short-term bullish movement.
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For a price prediction, given the current market conditions and technical indicators, ADA may continue to consolidate in the short term between $0.320 and $0.353 (the 20-day EMA). A decisive break above the 20-day EMA could signal a more significant recovery. This could potentially push towards the $0.380-$0.400 range. However, if the current resistance holds, we might see ADA retest its recent lows around $0.320.
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