Expert Predicts Cardano Price Surge as Hoskinson Touts Midnight Potential

Cardano price rose by nearly 4% today, Nov. 5, as the recent crash eased. While this rebound could be a dead-cat bounce, one analyst expects that the token could be on the verge of a bullish breakout. Also, Charles Hoskinson, its founder, believes that Midnight will address its key problems. 

Analyst Predicts Cardano Price is Ripe for a Surge

Cardano price was not left behind in the ongoing crypto crash as it plunged to $0.4920, its lowest level in months. At its lowest level, it was down by 51% from its highest point this year, shedding billions of dollars.

Now, one top crypto analyst believes that the coin could be on the verge of a strong breakout. In his post, Ali Martinez, a popular crypto analyst, noted that it may rebound. He argued that it had tested a crucial support, where it has always rebounded since November last year. 

As a result, the analyst believes that the coin will jump to the crucial resistance level at $1.15, which coincides with the highest levels in December and January this year. This price is about 112% above the current level.

Still, there are risks to this ADA price forecast for 2025. For one, there is a likelihood that the ADA price will drop below the key support at $0.5100 as history does not always repeat itself. Such a move would lead to more downside, potentially to the key support at $0.3233, its lowest level in October last year. 

The other risk is that Cardano price has formed a death cross pattern and a head-and-shoulders, which point to more downside. Additionally, this rebound could be a dead-cat bounce, which is a temporary rebound that happens during a crash. 

Charles Hoskinson Bets on Midnight Launch

One main reason why the Cardano price has crashed over the years is that it has been left behind by other top networks like Solana, Tron, and BSC. it is often described as a ghost chain that has no much going on. For example, its total value locked (TVL) is lower than other newly launched projects like Sonic and Unichain. Its stablecoin supply has also remained at $30 million this year.

Now, Charles Hoskinson believes that all its problems will be solved by Midnight, a zero-knowledge (ZK) scaling sidechain. In a recent statement, he said that Midnight, which has been in development for six years will be one of the biggest launches in the crypto industry.

It has already inked over 80 deals with many developers who have avoided Cardano. Some of the top partners are companies like Sundae Labs, Maestro, OpenZeppelin, and Fluid Tokens. As such, he believes that Midnight, which is a Cardano asset, will bring billions of dollars in the network over time and boost the Cardano price.