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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Cardano Founder Responds To Critics, ADA On The Chopping Board

Dalmas Ngetich
Dalmas Ngetich
6 years ago
2 mins read
technical analysis cardano ADA

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  • Cardano (ADA) crumbling, down 18.7 percent
  • Facebook gives nothing in return says, Charles Hoskinson

Charles Hoskinson, the co-founder of Cardano, is often brazen. After forcing changes in the Cardano Foundation, he now says Facebook enslaves and gives nothing in return. Presently, ADA is down 18.7 percent week-to-date.

Cardano Price Analysis

Fundamentals

Online commentators believe that Facebook is a primer, readying crypto assets to new highs. With a broad user base of over 1.7 billion spread across the globe, Facebook’s stablecoin in Libra will indeed shed light on what crypto and digital assets are.

Even so, Charles Hoskinson is adamant. Arguing that despite expectations, Facebook as a tech company gives nothing in return. Instead, what the scandal-ridden social media giant does is enslave. While Talking to Finance Magnates, he said:

“I am not entering a market and looking to extract value from people. Facebook has to come into countries it doesn’t know a lot about and convinces them to enslave themselves to an economic monopoly and give nothing in return. And their only pitch is that you’ll pay less on fees.”

However, he didn’t stop there. Responding to critics busy tearing down IOHK and frustrated by shifty deadlines, Charles said:

“I also think the community has been exceedingly unfair with their criticism of our deadlines…People are saying we’re incompetent, that we don’t know what we’re doing. Moreover, there’s many people on Reddit and Twitter and other things who have said things that are just crazy. “

Candlestick Arrangement

Cardano ADA

At the time of writing, ADA is on the chopping board. Sliding 18.7 percent week to date, ADA is steadying at 10th in the market cap’s leader board. Regardless, this correction was inevitable. After months of spirited performance, ADA’s market cap surged, reflecting an improvement in prices.

Meanwhile, ranging within a 4 cents zone with caps at 9.5 cents, bears are pressing lower. With increasing bear momentum, ADA bear candlesticks are banding along the lower Bollinger Band (BB). That, if anything, hints at bulls’ weakness and an impending disintegration probably back to 6 cents.

In that case, risk-off traders can consider fading the primary trend, sell on pullbacks with targets at 6 cents. This overview will hold as long as prices are oscillating below the main resistance and buy trigger line at 9.5 cents.

Technical Indicator

Ideally, any break above 9.5 cents or 6 cents ought to be with high trading volumes. In that case, June 26 doji candlestick with 603 million leads this trade plan. Any break out or dump below 9.5 cents, or 6 cents should be with high participation preferably exceeding 603 million.

Chart courtesy of Trading View. Image Courtesy of Shutterstock

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Dalmas Ngetich
Dalmas Ngetich

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

Read more

His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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