Crypto Analyst Hashoshi, in an interview, shared his thoughts on Cardano, tipping it as a leading project among cryptocurrencies.
He believes in Cardano’s ability to remain relevant in the future despite ADA’s price seeming stagnant.
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Hasoshi stated that although Cardano might interest only a few users in crypto, its unique approach to handling problems gives it relevance in most circles.
Cardano is slowly gaining recognition as a developers’ hub, with the Cardano Foundation giving developers grants and accelerator programs.
Hashoshi Bullish On Cardano
Source: YouTube
Crypto analyst Hashoshi firmly believes in the Cardano ecosystem’s future potential and growth.
According to the analyst in an interview, he believes that Cardano has solved design problems better than projects like Algorand and Solana.
While noting that the project has made good and bad decisions, he believes it is well-positioned for a recovery.
Hashoshi believes the delay in launching the smart contract functions affected Cardano’s adoption and ADA’s price. However, he still believes it will play a key role in the crypto industry.
He stated that increased utility and liquidity could likely increase ADA’s price to surpass its all-time high value.
Cardano Records High On-Chain Transactions Volumes Despite Price Limitation
Source: Twitter
According to the analytical platform Santiment, Cardano records an increase in transaction volume despite its price being stagnant compared to its gains in April 2023. The analyst noted utility is vital to any price increase alongside social dominance.
Also, another analytical platform, Cheeky Crypto, stated that ADA wallets with more than 10,000 ADA tokens have increased by 20% in the past year.
The statistics indicate a surge in adoption of ADA tokens likely to influence its price positively in the long term.
Another crypto analyst stated that Cardano’s Total Volume Locked (TVL) continues to rise organically even in the bear market phase.
Cardano continues to post positive network metrics, with only its price falling behind. The TVL, adoption rate, and transaction volume are rising. These improvements point to a potential surge for ADA in the future.
ADA/USD Daily Chart | Source: Tradingview.com
On the daily price chart, ADA is still under pressure from sellers, trading at $0.24 at 4:56 am EST.
The bearish outlook for ADA for the last few days coincides with the general market retracement.
It is in the lower region of the Donchian Channel (DC) after a downtrend after forming four consecutive red candles before a slight improvement today.
Also, the Relative Strength Index (RSI) indicator is rising from the oversold region at 33.82, confirming that the buyers intend to force a rally again.
ADA’s Moving Average Convergence/Divergence (MACD) shows a fading sell signal as MACD rises and will likely cross over its signal line in the coming days.
ADA will likely test the $0.27 resistance level in the coming days if the $0.24 support holds. However, its price gains will likely be gradual and yield more profit to buyers on longer timeframes.
Cardano’s ecosystem seems poised to benefit from major crypto market events such as the upcoming Bitcoin Halving in 2024 and a potential bull run.
