Cardano’s price action is showing signs of bullish recovery, thanks to Charles Hoskinson’s optimistic comments on CNBC. ADA saw a 4% increase on Thursday, hitting an intraday high near $0.70 before pulling back slightly. This rally was fueled by bullish remarks from Hoskinson, founder of Cardano, who outlined positive expectations for Bitcoin and the broader crypto markets. Hoskinson believes that macro shifts and regulatory progress will determine the next big move in the market.
Hoskinson predicts that Bitcoin could reach $250,000, driven by upcoming U.S. crypto legislation and anticipated Federal Reserve interest rate cuts. He also mentioned that the resolution of current trade tensions could boost investor confidence, leading to a surge in capital flow into crypto. Institutional interest from major tech players like Apple, Microsoft, Amazon, and others, could also contribute to a speculative boom, particularly in altcoins like ADA. If Bitcoin does hit $250,000, Cardano’s historical price correlations suggest that ADA could exceed $2 in the next cycle.
Despite the long-term optimism, ADA still faces technical constraints in the short term. A break above $0.70 could lead to a move toward $0.80, with $1.00 as the next major resistance level. Failure to close above resistance may result in a retest of the $0.63–$0.65 support zone. In terms of near-term price action, Cardano’s price is unlikely to advance further without a clear break above $0.70.
Cardano is currently trading at $0.6897, facing rejection near the $0.70 resistance level. The ADAUSD daily chart shows the price action around the red 50-day simple moving average, with a potential push towards the blue 100-day SMA at $0.7663 if it closes above the 50-day SMA. The BBP indicator has flipped positive for the first time since early March, indicating bullish divergence, while price action is compressing between major moving averages, hinting at potential breakout volatility.
In conclusion, Cardano’s price forecast leans cautiously bullish with structural and momentum indicators aligning. However, a failed attempt to flip $0.70 into support could trigger a retest of $0.66, potentially delaying bullish continuation. With Hoskinson’s bullish predictions for Bitcoin and the broader crypto market, ADA could see significant upward movement if market catalysts align as anticipated.
