Categories: Cryptocurrencies

ADA Price Prediction: Cardano founder Hoskinson pitches Tesla

Published by
Elliott Laybourne

Speaking to Lex Fridman, Charles Hoskinson said Cardano’s green credentials tick all the right boxes for Tesla. However, the ADA price is yet to react.

The ADA price is $1.4355, +$0.018 (+1.13%)

Charles Hoskinson chose his appearance on Fridman’s podcast to send an open invitation to Elon Musk. Hoskinson suggested Tesla (TSLA: NASDAQ) should start accepting ADA payments.

He highlighted the many benefits of Cardano, explaining how ADA’s Proof-of-Stake (PoS) consensus makes it a superior alternative to Bitcoin.

Furthermore, he pointed out ADA could be a good fit, considering the carmaker’s concerns on “alternative energy, sustainability, carbon reduction, and carbon neutrality.

This is not the first time Hoskinson has reached out to a billionaire entrepreneur. Last month he courted Dallas Maverick’s owner Mark Cuban, inviting the Shark Tank investor to his Colorado ranch to discuss the potential of his project.

Considering the ADA price has struggled recently, holders will be pleased to see its creator proactively hustling for business.

Cardano Technical Outlook

The daily chart shows that the ADA price remains in a consolidation phase; however, like much of the market, the momentum has turned lower over the last week.

Furthermore, if Cardano closes today’s session in the red, it will be ADA’s longest losing streak since March.

Another worrying development for bulls is ADA’s proximity to the 100-day moving average at $1.4245.

If Cardano finishes below the important gauge today, it would be the first time this year that ADA has failed to recapture the average on a closing basis.

This would indicate the long-term uptrend is reversing and likely lead to some follow through selling.

Additionally, the price is capped on the upside by a descending trend line around $1.5000. So, Cardano has price resistance at $1.5000 and is supported at $1.4245. Subsequently, today could play a crucial role in ADA’s immediate outlook.

A break in either direction could bring some volatility back to Cardano. As yet, I am undecided whether this will benefit the Bulls or the Bears.

However, by tomorrow we are likely to know which camp is in control.

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ADA price chart (Daily)

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Elliott Laybourne

Elliott Laybourne is an accomplished Hedge Fund sales and Investment bank trading specialist. Elliott also started a successful Base Metals Brokerage business in partnership with ABN AMRO clearing bank. He worked on the open outcry trading floors at the London International Financial Futures Exchange 'LIFFE' and the London Metal Exchange 'LME.' He also provided research and execution services for Goldman Sachs, JP Morgan, Credit Suisse, Schroders Asset Management, and Pennsylvania State Public School Employees Retirement System, as amongst others. Today, he focuses on providing trading consultancy and business development services for family office and brokerage clientele.

Published by
Elliott Laybourne
Tags: ADACardano