Cardano price analysis: Cardano's CEO hopes to overcome Bitcoin and Ethereum in a year, but ADA/USD settles under $0.26 in the meantime

  • Cardano recovered from Previous week's low, but the upside is limited.
  • Charles Hoskinson is a firm believe in Cardano's bright future.

Cardano (ADA) has recovered from the low reached at $0.2295 on May 18, but the upside momentum is fading away on approach $0.26 The coin lost over 6% amid general market sell-off. Cardano is the seventh biggest cryptocurrency by market value, according to CoinMarketCap, with current capitalization of nearly $6.7B and daily trading volume over $116M.

Cardano's CEO Charles Hoskinson is very optimistic about the future of the coin. He believes that Cardano will beat both Bitcoin and Ethereum within a year because the team behind the project concentrates the efforts in technological improvement.

“Why is anybody worthy of their positions in the market cap? Bitcoin is advertised as a payment system and a means of exchange, and then everybody who’s ever tried to use it for that, it’s been a miserable failure. They usually stop taking it, or they find ways to take cash, and through a creative structure like what Bitpay has done. Ethereum claims to be a world computer, but then CryptoKitties breaks it.”

Technically, ADA/USD touched $0.2635 during Asian hours, before retracing to current level $0.2570. The local support is created by 200-SMA (hourly chart) at $0.2529, followed by $0.2470 (50-SMA) and $0.2445 (100-SMA). The upside is limited by $0.27 with the ultimate upside goal at  $0.2900. 

ADA/USD, the hourly chart


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