Cardano’s upcoming Chang upgrade aims to address concerns about the project’s future, as ADA’s price has fallen 60% from its 2024 high. Despite a brief recovery in July, skepticism remains, with some analysts declaring Cardano as a dead project.
In response, Cardano founder Charles Hoskinson is discussing with Elon Musk the potential integration of decentralized identifiers (DIDs) into X. This move seeks to boost Cardano’s visibility and utility amid current market challenges.
Charles Hoskinson Proposes DIDs for X Amidst Cardano Challenges
Cardano founder Charles Hoskinson has reached out to Elon Musk, proposing the integration of decentralized identifiers (DIDs) into X. This move follows concerns raised by Ben Goertzel, founder of SingularityNET, about a hack on his personal X account.
Hoskinson’s tweet addressing Elon Musk
Hoskinson suggests that DIDs could improve X’s identity management, security, and compliance while maintaining privacy. He also emphasized that his proposal is blockchain-agnostic and does not promote any specific blockchain.
Timothy Ruff, a W3C DID developer, criticized the idea, arguing that decentralization should not rely on blockchains. This criticism has sparked a debate on the nature of decentralized identity solutions.
In response, Hoskinson clarified that DIDs do not necessarily require blockchains. His outreach to Musk may also be part of a strategy to revitalize interest in Cardano by associating it with prominent projects like X.
Cardano’s Bullish Pattern and Potential for Significant Gains
Cardano’s current price action is reflecting a bullish pattern similar to one observed in 2020, which led to a remarkable rally of over 3000%. This pattern, characterized by a break and retest, is re-emerging, indicating the potential for significant future gains.
An analyst predicted a 3,000% spike in ADA price
Trader Philip from BasicTrading has highlighted crucial levels to monitor: a support level at $0.25 and a critical resistance level at $0.42. The formation of a strong bullish rejection wick suggests that if Cardano’s monthly close confirms this pattern, it could lead to new all-time highs.
Philip advises traders to keep a long-term perspective and avoid emotional trading, stressing the importance of staying informed about market trends. The potential bullish scenario aligns with Cardano’s upcoming Chang upgrade, adding to the optimism surrounding the project.
ADAUSD daily price chart with RSI. Source: Tradingview
ADA/USD Bull Run Faces Resistance and Potential Downturn
The bull run for the ADA/USD pair stalled on July 16 as the token struggled to surpass the 100-day EMA resistance around $0.45. If ADA breaks this immediate resistance, it could rise towards the next resistance level near $0.49, potentially bringing the price closer to $0.50 before any possible retreat.
Conversely, if the downtrend persists, ADA/USD might drop below the 50-day EMA dynamic support, potentially reaching $0.40. If this support level fails, the ADA price could fall to $0.37 before recovering. The RSI for ADA remains neutral at 53.76 on the daily chart, indicating balanced market sentiment.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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