Will ADA Price Hit $1 as Charles Hoskinson Cheers New Cardano News?

Cardano price has stalled lately and is being left behind by other crypto coins like Solana and Bonk. It has crashed by 45% from its highest level in December and is in a price discovery phase. This article explores whether ADA price will rise by 40% and hit $1 as Charles Hoskison celebrated a new ecosystem milestone.

ADA Price in Focus as Charles Hoskinson Cheers Key Cardano News

A common critique of Cardano is that it is a ghost chain or a blockchain network with no major dApps in its ecosystem. 

Charles Hoskinson, its founder, addressed these concerns in an X post last week. In a reply to a FastCompany article, he argued that Cardano had real numbers. He then pointed out that the market was largely cheering other chains with fake numbers. 

In another X post, he celebrated a crucial Cardano news, where a San Francisco startup named as Haus was actively hiring a developer to migrate from Ethereum to Cardano. This is a notable development since Haus is a fast-growing company that has raised $40 million in venture funding.

Haus is a tech company that offers online marketing optimization to companies of all sizes. As such, it likely wants to use Cardano because of its lower costs, fast transaction speeds, and the fact that it is one of the most decentralized players in the crypto industry.

Still, Cardano’s ecosystem is still smaller than others compared to other chains. Its DeFi ecosystem has a total value locked (TVL) of $365 million, while its stablecoin market cap is just $23 million. In contrast, Solana has $6.8 billion and $12 billion in stablecoins.

Cardano Price Technical Analysis

Technicals point to more ADA price upside in the coming weeks. On the weekly chart, it has formed a descending channel and is slightly above its lower side. The coin has formed a bullish flag pattern, which is characterized by a vertical line and some consolidation. 

Cardano is being supported by the 50-week moving average, meaning that the uptrend that started in 2024 is still intact. The coin is also hovering near its key support at $0.806. 

Also, as this CoinGape article noted, it is in the second phase of the Elliot Wave pattern. This phase is usually followed by the third wave, which is usually the longest. As such, hopes of the coin hitting $1 will remain as long as it is above the 50-week moving average.

A drop below the lower side of the bullish flag at $0.52 will invalidate the bullish ADA outlook, and point to a drop to $0.282, the lowest swing on August 5.