Important requirements
- Hoskinson describes the end of the civil society while the ADA is still under the big sale
- ADA is down 30% this week and may extend its selloff soon.
Cardano fell another 13% on Friday, bringing its weekly loss to more than 30% as investors reacted to comments from founder Charles Hoskinson and the broader market weakness.
The decline is the ADA’s fifth consecutive day of losses, despite a significant increase in online activity and group activity.
Hoskinson explains that he is not leaving Cardano
Market anxiety grew after Charles Hoskinson sent a brief message on social media saying, “I’m taking a break, TTYL,” which some investors interpreted as a move away from Cardano and its ecosystem.
After stepping back, Hoskinson came back with a live broadcast to explain that he was stepping back from public-facing activities and social media activities, not because of his involvement in Cardano or blockchain research.
He emphasized that his focus remains on solving complex industry problems such as the blockchain trilemma, while staying away from the expectations surrounding ADA market activity.
“I don’t like making the ADA fee go up,” Hoskinson said during the hearing.
Despite the market’s negative performance, the chain and social metrics show that the Cardano community remains very active.
According to Santiment data, public ownership rose to about 0.52%, the highest level recorded this year.
Additionally, daily active addresses reached 28,459, the strongest reading in four months.
The increase shows that discussion and participation on the Internet increased as investors responded to Hoskinson’s comments.
However, too many projects to date have failed to deal with persistent selling.
Cardano price forecast: Technical outlook is still bearish
From a technical point of view, Cardano remains in stable mode. ADA continues to trade below its long-term moving averages (50-week EMA: $0.4139, 100-week EMA: $0.4967, and 200-week EMA: $0.5095)
Momentum signals are also weak. The RSI has fallen to 22, entering oversold territory, while the MACD remains slightly positive but approaching a bearish crossover.
These indicators show that the downward trend remains high despite the increasing supply.
If the interest rate continues, the next major support area will be near the 61.8% Fibonacci retracement at $0.1274, calculated from the Cardano 2020-2021 bull market.
However, and $ 0.1500 psychological support can act as a necessary level for a short period of time.
If interest rates resume, immediate resistance can be seen at $0.2345 (50% Fibonacci retracement) and $0.4139 (50-week EMA).
A sustained break below $0.1500 would create the risk of a deeper correction in the area of $0.1274, while any attempt would need to overcome the resistance near $0.2345 before starting to challenge the long-term barriers.
