Cardano price eyes five-month high as founder Hoskinson blames SEC for FTX collapse

Cardano price gains noted since the beginning of the year have kept investors optimistic about profits, especially those that were impacted severely by the FTX collapse. This downfall of the exchange, as believed by founder Charles Hoskinson had as much to do with SEC as much as Sam Bankman-Fried.

Cardano deemed exhausting

Cardano has not seen any major upgrade since Vasil last year. But according to trader Dan Gambardello, the dramatic comments surrounding Cardano have led to the cryptocurrency becoming exhausting. The agreement came from the observations by another Twitter user named Stik, who said,

“Cardano is kind of exhausting. It’s a mix of “we are the future, everything else sucks” and constant arguing about this or that. I’m starting to lose my conviction honestly. I’m not going to dump my bags or anything just enjoy the rest of my timeline more at this point.”

Although Dan did not completely agree with this fact as he said that most of the ADA holders are drama-free, waiting for the right signals. These comments make sense, as just mentioned above, Hoskinson has been making dramatic comments as well.

Earlier this week, Hoskinson was noted saying that the minute FTX went under, he knew that the industry would end up facing a hard time.

Charles Hoskinson also seemed to be in agreement with Kraken founder Jesse Powell. Recently Powell had claimed that the regulator did not do much for the crypto space and that indirectly, SEC itself could have caused it by ignoring the case in order to be able to use this as an example and establish not being ab.

Cardano price looks up

Cardano price trading at $0.40 is nearing the critical resistance at $0.41, which, if the altcoin flips into support, will allow ADA to rally further. The cryptocurrency had not seen the highs it witnessed back in September 2022 when the altcoin touched the five-month high of 0.52.

The Relative Strength Index (RSI) is also suggesting a bullish narrative for now. The index is present in the bullish neutral zone treating the neutral line at 50.0 as support. Thus a bounce here could keep the price rising.

Breaching through the critical resistance and flipping the $0.44 resistance level into support is crucial for ADA. This will allow the altcoin to rally to the September highs of $0.52.

ADA/USD 1-day chart

But if the broader market cues turn bearish and Cardano price follows suit, investors should tap out before the critical resistance at $0.3527 is invalidated. Falling through this level would invalidate the bullish thesis for ADA and result in a decline to $0.30, marking an almost 25% drop.