Cardano (CRYPTO: ADA) co-founder Charles Hoskinson defended the project, saying “Cardano is still in the game, it’s still fighting” after ADA saw a 14% rebound on Wednesday.
The Hoskinson Defense
Hoskinson pointed to Midnight, a billion-dollar project launched from Cardano with tier-one exchange listings and major partnerships including Google.
“That is not an Ethereum thing, that was not a Solana thing, that was done from Cardano,” Hoskinson said.
He emphasized it’s important people remember and realize Cardano is still fighting for everything.
The defense comes as ADA tests whether yesterday’s breakout can hold or if it was a false break already failing.
The Bull Trap Warning
ADA pulls back 2% and testing the descending trendline from above. The Supertrend at $0.3099 remains in bearish mode despite yesterday’s 14% rally—a critical warning sign the breakout may have been premature.
Cardano price failed to hold above the 20 EMA at $0.2831, confirming it acts as resistance rather than support.
When a breakout occurs with 14% conviction, follow-through buying the next day should consolidate gains and set up the next leg higher.
Instead, ADA gave back most gains.
This immediate reversal after breakout often signals the move was driven by short covering rather than genuine accumulation.
The current price sits right at the critical trendline broken yesterday, making this an absolutely crucial test.
However, ADA derivatives positioning is turning aggressive.
Futures volume has surged over 112% to $1.66 billion while open interest climbed 16% to $530 million, signaling fresh leverage entering the market rather than short covering alone.
A daily close below $0.28 would confirm the breakout failed and likely trigger aggressive selling toward $0.26-$0.27 or retesting the $0.22 February lows.
The resistance structure remains unconquered with the Supertrend at $0.3099 still bearish and the 50 EMA at $0.3149 unbroken.
Image: Shutterstock
Recent Comments