- Charles Hoskinson of Cardano (ADA) announced that he will reveal the project roadmap at the upcoming Cardano Summit in Buenos Aires on October 19.
- Meanwhile, ADA has been predicted to continue its bearish run as traders congest the $0.388 and $0.4 price range with short positions.
Cardano (ADA) lost ground out of the top 10 ranked cryptocurrencies after a mini “headwind” blew through the market to push the general market into consolidation. According to our market data, ADA fell by 1,48% over the last 24 hours and is trading at $0.38.
Interestingly, this drop comes ahead of growing reports that Cardano’s Charles Hoskinson is preparing to unveil a new roadmap in Buenos Aires, Argentina.
Speaking on the matter, Hoskinson revealed that his participation in the Cardano Summit meant he would miss the Foundation Summit in Dubai. As the keynote speaker at the October 19 summit, which will be attended by pro-Bitcoin Argentine President Havier Milei, the Cardano co-founder hinted that he would use the opportunity to present the project’s roadmap after Voltaire.
According to the existing roadmap, the Voltaire era began with the “Chang” hard fork, which aims to make the network fully decentralized with the introduction of governance, as we we explained it previously.
Cardano (ADA) Price Reaction
Unlike the typical uptrend that follows such developments, ADA abandoned the previously predicted breakout of a descending channel and took a nosedive. Interestingly, the data suggests that the downtrend may continue as most traders resort to short positions rather than long positions. According to Coinglass data, 9.16 million assets are currently short, while 4.35 million are long. For analysts, this level is currently 18% below the current price and could position the asset at $0.31.
Taking a closer look at the Coinglass data, we see that the majority of short positions are between $0.388 and $0.4. This means that the asset could face strong resistance before breaking out of this range. According to analysts, this resistance is confirmed by the 200-day exponential moving average (EMA).
For now, investors’ hope rests on the $0.36 price point’s ability to serve as temporary support, as it coincides with the 50-day exponential moving average. If this happens, ADA could rebound to retest the resistance of the 200-day EMA. However, if the bulls fail to keep the price above this level, the asset could fall back to $0.31, as we previously reported.
In a worst-case scenario, the asset’s inability to cross the 200-day EMA after bouncing off the 50-day EMA could lead to the formation of a double-top bearish reversal pattern. This implies that ADA could fall to $0.25.
Another analyst is bullish on Cardano
Contrary to this stance, a crypto analyst identified as TrendRider recently predicted that ADA could see a massive gain in the coming weeks against bitcoin. According to him, the recently tested $0.398 zone coincides with the 21-day exponential moving average (EMA). This implies that the asset could take a bullish setback if it manages to reclaim the $0.39 zone.
According to his analysis, this thesis is also valid for other altcoins which have rebounded after two significant corrections of 20% each on August 5 and September 6.
