ADA Under Accumulation As Hoskinson Suggests A Decentralized Cross-chain Media Network

As the on-chain activity and capital inflow in Cardano (ADA) continues to rise, investors are becoming increasingly bullish on the prospects of the cryptocurrency.

Cardano

In a recent tweet, Charles Hoskinson, founder of Cardano (ADA), suggested that the development of a decentralized media network may be the answer to Elon Musk’s attempt to take over Twitter (NYSE:TWTR). Hoskinson also suggested that such a platform would be a great way to cross-chain between Bitcoin (BTC), Doge (DOGE), and Cardano.

Hoskinson’s message comes as the price of Cardano’s native token, ADA, is on track to break out.

ADA under accumulation

ADA has been under accumulation lately, with the altcoin’s price consolidating as investor interest and adoption grows. There was a recent surge in activity on the Cardano blockchain network, with the arrival of leading Ethereum-based stablecoins USD Tether (USDT) and USD Coin (USDC) through the WingRiders DEX and the Milkomeda sidechain.

This was a major coup for Cardano, as it helps to legitimize the platform as a viable investment option and suggests that important market players are taking notice of the altcoin.

After a period of consolidation that started last week, the price of Cardano is currently trading at around $0.95, up from $0.92 a week ago. As the cryptoasset continues to base around this range, it is important to note that the coin has lost more than 40% of its value since January 17.

Consolidation periods after a big shift in price structure usually indicate accumulation. As the on-chain activity and capital inflow in Cardano continues to rise, investors are becoming increasingly bullish on the prospects of the cryptocurrency.

Even more importantly, we have to keep in mind that based on data from IntoTheBlock, the $0.92 support level, which at the moment is being used as an accumulative base for the coin, currently represents its most significant support level where nearly 45,000 addresses hold more than 6.75 billion ADA. These catalysts could push the $32 billion market cap digital asset up towards the $1.20 level.

This potential 28% upswing from current levels marks the beginning of the coin’s breakout area.

Price Action

ADA is trading at $0.95 at press time. The coin traded in a range of $0.9399 – $0.9575, indicating relative volatility over the last 24 hours.

Disclaimer: The information provided is not trading advice

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