Key takeaways
- Hoskinson clarifies social media break as ADA faces intense selling pressure
- ADA fell roughly 30% this week and may extend its selloff in the near term
Cardano (ADA) dropped another 13% on Friday, pushing weekly losses past 30% as markets reacted to founder Charles Hoskinson’s social-media message and broader crypto weakness. The decline marks ADA’s fifth straight day of losses, despite growing network activity and increased community engagement.
Hoskinson clarifies that he is not leaving Cardano
Market jitters rose after Hoskinson posted a short note, “I’m taking a break, TTYL,” which some interpreted as a sign he might leave Cardano’s development efforts. In response to the pushback, Hoskinson returned with a livestream to explain that he is stepping back only from public-facing duties and social-media interactions, not from his work on Cardano or blockchain research.
He stressed that his priorities remain focused on long-term technical challenges—such as the blockchain trilemma—and that he does not seek to drive short-term ADA price movements. “I am not passionate about making the price of ADA go up,” he said during the livestream.
Although his clarification eased some concerns, on-chain and social metrics show the community remains active. Santiment data indicate social dominance climbed to about 0.52%, the highest level so far this year, and daily active addresses rose to roughly 28,459—the strongest reading in about four months. These spikes reflect heightened discussion and network participation as the community reacted to Hoskinson’s comments, but increased activity has not yet been enough to counter sustained selling pressure.
Cardano price forecast: Technical outlook remains bearish
Technically, Cardano remains in a bearish trend. ADA is trading well below several key long-term moving averages—50-week EMA at $0.4139, 100-week EMA at $0.4967, and 200-week EMA at $0.5095—indicating continued downside bias.
Momentum indicators also point to weakness. The RSI has fallen to around 22, placing ADA in oversold territory, while the MACD, though slightly positive at present, is approaching a bearish crossover. These signals imply downward momentum is still dominant despite increasingly oversold readings.
If selling continues, the next significant support level is near the 61.8% Fibonacci retracement at $0.1274, measured from Cardano’s 2020–2021 bull run. In the short term, however, the $0.1500 area could act as a psychological support zone and temporary demand level.
On the upside, immediate resistance sits near $0.2345, the 50% Fibonacci retracement, followed by the 50-week EMA at $0.4139. A sustained break below $0.1500 would increase the likelihood of a deeper correction toward $0.1274, while any meaningful recovery would need to clear resistance at $0.2345 before confronting longer-term moving averages.