Crypto Industry News:
Charles Hoskinson, the founder of Cardano, predicts that ADA, the native token of the Cardano blockchain, could dethrone bitcoin and ether.
Hoskinson stated the above at the Rare Evo conference. The eccentric creator of Cardano did not hide that his project aspires to become something more than just a cryptocurrency. It is to be the foundation of a new digital nation and a sphere in which social trust is being reborn.
The most important element of Hoskinson's vision is giving power to the community. This idea, dating back to ancient democracies, means in practice a form of decentralized decision-making. It enables members of the Cardano world to be directly involved in shaping the future of the web.
"This is our challenge and that's why I believe Cardano is likely to become the largest cryptocurrency in the world," Hoskinson stressed.
Then he went on to criticize BTC and ETH. He noted that the unchanged design of the bitcoin network, maintained for more than 13 years since its inception, could become obsolete in the long run. Criminals may find some vulnerabilities in the blockchain.
In the case of Ethereum, Hoskinson does not like the fact that the project is not as decentralized as he would like to see it. He believes that as such platforms evolve, millions of users will want to have some influence over them. Giving them power and full democratization may turn out to be a necessity on the market.
Still, time will tell if the ADA will actually be able to dethrone Bitcoin and Ethereum. Today, 1 ADA costs USD 0.26 and ranks only 7th in terms of market capitalization.
Technical Market Outlook:
The ETH/USD pair has been seen moving lower after the bounce high was made at the level of $1,697, which is just below the technical resistance located at $1,707. The price is back to the old trading range located between the levels of $1,693 - $1,617 and so far keeps bouncing from the 50 MA on the H4 time frame chart. The level of $1,580 will now act as the technical support, but the key technical support is seen at the level of $1,545. Please notice, the current market conditions are still negative on Daily and H4 time frame chart, so the bearish pressure is still high.
Weekly Pivot Points:
WR3 - $1,689
WR2 - $1,666
WR1 - $1,653
Weekly Pivot - $1,643
WS1 - $1,630
WS2 - $1,620
WS3 - $1,579
Trading Outlook:
The Ethereum market has been seen making lower highs and lower low since the swing high was made in the middle of the August 2022 at the level of $2,029. This is the key level for bulls, so it needs to be broken in order to continue the up trend. The key technical support is seen at $1,368, so as long as the market trades above this level, the outlook remains bullish.
