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Cardano price pulled back on Friday as the path towards the important resistance at $1 remained elusive. ADA price retreated to $0.8960 from this month’s high of $0.9557. Still, the coin could rebound as Charles Hoskinson predicts it will break the internet soon.
Charles Hoskinson Delivers Bold Cardano Price Prediction
In an X post, Hoskinson, who founded it in 2015, predicted it would break the internet soon. It’s a move that would likely boost its price.
Although he did not share details, listening to his recent streams helps to provide more information. For example, Hoskinson has shared his view that Bitcoin is a sleeping giant in the decentralized finance (DeFi) industry.
As a result, his team is working on Midnight. It’s a zero-knowledge-based scaling platform that it hopes will help it with Bitcoin integration. He believes that existing chains like Ethereum are not suitable for Bitcoin DeFi.
Hoskinson hopes users can earn money from idle coins by integrating Bitcoin into Cardano’s network. Also, he expects that Bitcoin transactions will be more private than they are today.
However, Hoskinson’s statements should be taken with a grain of salt as he commonly overpromises and underdelivers. For example, he has long-touted a Chainlink integration that has not happened yet.
Also, it is unclear what Midnight will do for Bitcoin that other chains have not done yet. For example, data from DeFi Llama shows that Bitcoin is the fourth-largest player in the DeFi industry. With this, a total value of over $10 Billion is locked.
Most of the dApps in the ecosystem, like Babylon Protocol, Lombard Finance, and Solv Protocol, help users to monetize their coins. Cardano’s ecosystem has lagged behind other blockchain networks.
This slower growth may impact the Cardano price momentum in the near term. For example, the total value in the network has plunged to $385 Million.
On the other hand, the stablecoin market cap is just $39 Million. These are tiny numbers in industries with billions of dollars in assets.
Spot ADA ETF is a Catalyst
A bullish ADA price prediction hinges on SEC approval of a spot ADA ETF. Grayscale has officially applied, boosting investor optimism.
The company filed for the ETF in February this year. It then extended the decision window in July. This means that the final deadline will be on October 22. Polymarket places the odds of a spot ADA ETF approval at almost 90%.
These odds jumped after the agency published standards for crypto ETF approvals this week. The standards noted that coins with regulated futures products on Coinbase will receive accelerated approval. ADA is one of the coins in that list.
In most cases, investors buy assets before a major event and then sell them when it happens. This is commonly known as buying the rumor and selling the news. Therefore, the Cardano price may jump ahead of the ADA ETF approval. It may then drop after it happens.
Cardano Price Technical Analysis: Bullish if it Flips $1.022
The daily chart reveals that the Cardano price has been on a slow uptrend in the past few months. It moved above the Ichimoku cloud indicator, indicating that bulls have prevailed.
The coin also formed a golden cross pattern on July 21. It has remained above the 50-day and 200-day moving averages since then. It stays inside the ascending channel and above the 50% Fibonacci Retracement level.
Therefore, the most likely ADA price prediction is bullish, with the initial target being the year-to-date high of $1.022. A move above that price will point to more upside, potentially to last year’s high of $1.3287. It is about 50% above the current level.
On the flip side, there is a risk of a plunge as the coin has formed a giant rising wedge pattern. This pattern is made up of two growing and converging trendlines, and it often leads to a crash. This view will be confirmed if it slumps below the lower side of the wedge.
