Cardano Price Forecast as Hoskinson Hints at Major Midnight Update – Can ADA Defend $0.20 Support?

Cardano (ADA) price is in focus as the co-founder Charles Hoksinson hints that a major and unprecedented update is coming to the Midnight network.

The looming upgrade comes at a time of intense volatility across the crypto market because of escalating geopolitical tensions that saw Cardano close at its lowest price since September 19. However, NIGHT token price remains up by 103% in the last month.

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Hoskinson Announces Upcoming Update to Midnight

In a recent post on X, Hoskison noted that he was working on a concept that only Midnight can bring to the crypto industry and solve most of the issues.

“Almost have all of it designed conceptually. It’s the magnum opus of my career,” Hoskinson said.

Hoskinson also responded to a question regarding whether the Cardano network is completed, saying that after the Leios upgrade goes live, the network will have every feature that he has always wanted it to have.

The Leios upgrade is expected to go live in Q4 2026 to boost the network’s speed by up to 65 times.

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Selling Pressure Persists as Cardano Price Tests Multi-Week Lows

Data from CoinGlass shows that Cardano’s Taker Sell volumes have exceeded the Taker Buy volumes for seven straight days since October 11.

This selling pressure has sparked a 12.8% decline in ADA value from $0.256 on October 11 to $0.223 at the time of writing.

The futures market also shows that traders are also minimizing their exposure to Cardano. This follows a decline in the open interest to $484.17 million on October 17, with this being the lowest OI reading since September 18.

Cardano’s open interest on Binance has also dropped from $136.89 million on October 6 to $88.69 million, suggesting that futures traders on the exchange have closed their positions.

However, the positive weighted funding rate and the long/short ratio of 1.00 at the time of writing suggest that short sellers have yet to flood the market as the momentum weakens.

Cardano Price Faces Potential Crash to $0.17 if $0.20 Support Fails

Cardano’s one-day chart shows that the altcoin has formed a rounded bottom pattern that usually warns of a bearish future Cardano outlook.

ADA price has also moved below support at the 78.6% Fib level of $0.23. Closing below this fib could trigger a downtrend towards the psychological support at $0.20.

The RSI line that is making lower lows shows that the bearish momentum is becoming stronger, which may push Cardano price to the 161.8% retracement Fib level of $0.17.

On the upside, Cardano price needs to close above the resistance at $0.24 to confirm an upward trend reversal.