Crypto Weekly Roundup; ADA To Break Out From Stagnation As CEO Charles Hoskinsons Gets Ready To Tour Africa

Crypto Weekly Roundup; ADA To Break Out From Stagnation As CEO Charles Hoskinsons Gets Ready To Tour Africa


This week we have seen Bitcoin (BTC/USD) move 16.2% to the upside and we have also watched many large-cap coins such as XRP (XRP/USD), Polkadot (DOT/USD) and Doge (DOGE/USD), amongst other ones, make significant gains as well (+13.1%; +11.2%; +10.3% respectively), while the price of ETH (ETH/USD) increased by solid 4.2%. One thing that we have failed to see in recent weeks is any sort of volatility from the Cardano’s native token ADA (ADA/USD). It literally feels like its price is on holiday with the CEO of IOHK Charles Hoskinson, in some place that’s very hot, excessively humid and generally hostile towards any activities that require mental or physical effort. Maybe Thailand, although he might have mentioned his own ranch- it doesn’t matter as long as the founder of the blockchain gets back soon and in good form.

Two weeks after The Cardano Summit, Hoskinson’s absence is coming to an end and from now his near-future attention will shift to visiting multiple African countries in order to meet potential new business clients and partners that could possibly be next in line to get involved with the 3rd largest blockchain ($71.5B in market cap compared to Bitcoin’s $1038B) and one that has already seen some impressive growth of its ecosystem this year and especially since the smart contracts were finally rolled out. As of today, a month after the Alonzo upgrade, Cardano is able to boast partnerships with an imposing number of projects in a vast variety of areas including: DeFi, Payments, IDOs, NFTs, AMM, Stablecoins, Oracles, Insurance – the list goes on and on.

Yet, the founder Charles Hoskinson still remains the biggest asset to Cardano in the minds of many investors and hopefully his comeback should help the native token ADA to continue increasing its dollar value during the last quarter of this year, which could conceivably be the last part of the on-going bull run for the cryptocurrency industry. Let’s bear in mind that he has got some enormous following in social media (725k Twitter followers alone and a popular You Tube channel), very important aspect in terms of the network effect in the cryptoworld.


In my last two weekly articles on ADA (ADA/USD) my Technical Analysis section was mainly focused on that descending triangle pattern and I was predicting a break-out from this formation before 9th October. We did end getting our breakthrough movement to the upside precisely three days before the deadline – on 6th Oct  the price spiked by 12% up to an intraday high of $2.37. The volume on the move was the highest in two weeks but still kind of underwhelming and no explosive price action followed. At least so far. In fact, ADA is trading almost exactly where it was one week ago and also a fortnight ago, when the Summit was coming to an end on Sunday 26th September.

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