ADA/USD hovers around $0.07 as Charles Hoskinson dwells upon Cardano developments

Cardano (ADA) is changing hands at $0.07, down 1.23% in recent 24 hours. The coin now takes the 9th position in the rating of top-20 cryptocurrencies with a market value of $1.7B.

The nearest support lies with $0.068 congestion zone. Once it is cleared, the downside may continue towards $0.066, which is the recent low reached on October 14, following the news that Cardano Foundation parted ways with Emurgo and IOHK.

The resistance is created by $0.0723 (SMA50, 4-hour) with SMA100 (4-hour) sitting at $0.0736. A sustainable move higher is needed for the coin to proceed to $0.08.

Meanwhile, commenting the recent developments, Cardano's CEO Charles Hoskinson explained that it is not correct to draw parallels with Tezos situation, referring to the recent breakup with Emurgo and IOHK. 

“Where it has a collection of duties and responsibilities that are for the community but whether it does these things or not doesn’t stop development does these things or not doesn’t start a partnership in business development and because of the triumph or its structure we had resiliency. So if it fails to other entities can step in and fill in for it and continue moving the project along.”

He went on explaining that crisis of governance is something all coins have to go through. 

“The ability to overcome that event is what tells you that cryptocurrency is going to be around for a long time. Bitcoin survived the loss of Satoshi, and it is still going strong, so similarly we are no different, and Cardano has to overcome this little blip.”