- Charles Hoskinson, the founder of Cardano, recently recommended that Musk should develop a decentralized cross-chain media platform.
- To ensure true decentralization, Hoskinson suggested a cross-chain with Bitcoin, Dogecoin and Cardano.
- Analysts are bullish on Cardano, predicting a rally in the Ethereum-killer altcoin.
Cardano price is on track to breakout, as founder Charles Hoskinson suggests the development of a decentralized media platform. Hoskinson’s message was a response to Musk’s attempt to take over Twitter in a hostile manner.
Cardano price prepares for a rally
Cardano price is on track to break out as the altcoin’s adoption among investors increases. There was a recent increase in on-chain activity on the Cardano blockchain network, with the arrival of leading stablecoins USD Tether and USD Coin through the WingRiders Disk and Milkomeda partnership.
The rising activity and capital inflow could fuel a bullish narrative among investors.
In response to Elon Musk’s attempt to take over Twitter, Charles Hoskinson, the founder of Cardano, recommended that the Tesla CEO develop a decentralized social media platform. Hoskinson suggested that the decentralized media platform should be a cross-chain between Bitcoin, Doge and Cardano.
Cross chain with Bitcoin, Doge, and Cardano https://t.co/6Q8bJgaCY9
— Charles Hoskinson (@IOHK_Charles) April 15, 2022
The development of a media platform that utilizes Cardano would increase altcoin adoption.
Analysts have evaluated the Cardano price trend and predicted a rally in the Ethereum-killer. Based on data from IntoTheBlock, the most significant support level for Cardano sits around $0.92, where nearly 44,800 addresses hold more than 6.79 billion ADA. If Cardano price plummets lower, it could witness a drop to $0.80.
FXStreet analysts predict an 80% rally in Cardano price. Analysts expect the inverse head and shoulders pattern to play out a fuel Cardano’s price rally.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Polygon joins forces with WSPN to expand stablecoin adoption
WSPN, a stablecoin infrastructure company based in Singapore, has teamed up with Polygon Labs to make its stablecoin, WUSD, more useful in payment and decentralized finance.
Coinbase envisages listing of more meme coins amid regulatory optimism
Donald Trump's expected return to the White House creates excitement in the cryptocurrency sector, especially at Coinbase, the largest US-based crypto exchange. The platform is optimistic that the new administration will focus on regulatory clarity, which could lead to more token listings, including popular meme coins.
Cardano's ADA leaps to 2.5-year high of 90 cents as whale holdings exceed $12B
As Bitcoin (BTC) gets closer to the $100,000 mark for the first time — it crossed $99,000 earlier Friday — capital is rotating into alternative cryptocurrencies, creating a buzz in the broader crypto market.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: Rally expected to continue as BTC nears $100K
Bitcoin (BTC) reached a new all-time high of $99,419, just inches away from the $100K milestone and has rallied over 9% so far this week. This bullish momentum was supported by the rising Bitcoin spot Exchange Traded Funds (ETF), which accounted for over $2.8 billion inflow until Thursday. BlackRock and Grayscale’s recent launch of the Bitcoin ETF options also fueled the rally this week.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.