Cardano Price Falls 4% Even As ADA Founder Charles Hoskinson Says It Will ‘Break The Internet’

The Cardano price plunged 4% in the last 24 hours to trade at $0.898 as of 9:29 p.m. EST even as its founder says it is going to “break the internet.”

ADA founder Charles Hoskinson made the comment in a Sept. 19 post on X, sparking widespread discussion across social media.

X user Sturgis Steel said there was too much focus on what the comments mean for Cardano’s price, while Hoskinson was, he claimed, referring to technology.

“Listen to a few of his live streams what he’s building is useful, this is what he’s referring to,” he said.` He’s not hinting at the price going up with this comment. He’s simply saying the technology is going to be utilized everywhere.”

Another user sarcastically said ”Cardano can’t even break resistance,” while another amended Hoskinson’s post to make it read, ”Cardano is going to break.”

The prediction came after Hoskinson recently revealed that Cardano has launched a “follow-the-sun” development model meant to fast-track the Ouroboros Leios upgrade.

Cardano Price Riding The Rising Channel Pattern

The ADA price is trading at $0.898, holding firmly within a rising channel pattern that has been in play since mid-July.

The price structure is defined by consistently higher lows and higher highs, reflecting bullish strength. Key Fibonacci retracement levels add further context, with ADA trading above the 0.382 level at $0.8363 and now testing resistance near the 0.236 level at $0.9056.

Crucially, ADA is also supported by a golden cross, where the 50-day Simple Moving Average ($0.8521) sits above the 200-day SMA ($0.7354).

The Relative Strength Index (RSI) currently reads 54.37, placing it in neutral territory. This shows there is still significant upside potential before ADA approaches overbought levels above 70.

Meanwhile, the Moving Average Convergence Divergence (MACD) is also showing strength, with the blue MACD line positioned just above the orange signal line and histogram bars turning positive, signaling that buyer momentum is steadily building.

Cardano Chart Analysis Source: GeckoTerminal

ADA appears well-positioned to attempt a breakout toward $1.0175, a move that would mark a gain of about 20% from its current price. 

However, if the price slips below the 200-day SMA, downside targets could extend to $0.64, weakening the bullish case.

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