Cardano is experiencing a pivotal moment as founder Charles Hoskinson has been cleared of all accusations, restoring trust in the project. However, community sentiment has turned bearish even as long-term investors continue accumulating.
Cardano (ADA) is currently trading at $0.8222, with a 24-hour trading volume of $1.40 billion and a market capitalization of $29.28 billion. Over the past 24 hours, ADA has slipped by 1.62%.
A well-known crypto analyst, Mintern, reported that ADA founder Charles Hoskinson, who is the CEO of Input Output (IOHK), has officially been cleared of all charges after an in-depth forensic audit.
In its independent report, the company concluded that the charges were unfounded, finally ending weeks of speculation and solidifying Hoskinson’s standing and ADA’s reputation as one of the premier blockchain projects.
On-chain analytics platform Santiment reported that Cardano’s generally optimistic community sentiment has begun to turn bearish. In fact, sentiment has reached its lowest level in over five months. Surprisingly, despite this increasing apprehension among retail investors, the price of ADA has rallied by nearly 5% from recent lows.
Market behavior often moves opposite to crowd expectations. While smaller investors exit, long-term holders and big players buy, helping ADA resist bearish sentiment as veterans see sell-offs as buying opportunities.
During ADA’s progression, marked by restored pride in its leadership and shifting community attitudes, the project remains a leading force in the crypto world.
Also Read | Cardano Price Analysis: ADA Eyes $1.0200 Amid Market Volatility
Cardano’s RSI is 45.98, positioned just below the neutral 50 line. This indicates the market is neutral, with no overwhelming demand or supply. Sellers are exerting slight pressure, with the RSI moving average at 50.08. Nonetheless, the range leaves room for a potential price rebound if demand increases.
MACD shows the blue line at 0.00248, which is above the signal line at 0.00076. This indicates a minimal bullish trend in the near term. Histogram bars are turning green, suggesting modest bullish momentum. With the orange line at -0.00172, the setup suggests potential steady gains.
Also Read | Cardano (ADA) Approaches $1 Resistance, Founder Points to $13 Billion Growth Since Launch
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