Cardano price climbs as Hoskinson suggests a decentralized cross-chain media platform
- 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.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
