Can the bullish momentum of ADA ignore the allegations of fraud facing Charles Hoskinson?
Cardano founder Charles Hoskinson is facing investigation as analysts allege fraud on ADA. ADA Price has indicated bullish sentiment fueled by increased adoption from institutional investors. The price of Cardano (ADA) moved in tandem with the broader Altcoin market, amidst the anticipated ALTSEASS. The large altcoin has dropped, with a fully diluted valuation of $33 billion and an average trading volume of around $854 million over 24 hours, about 10 percent over the past seven days, trading around $0.74 on Monday, during the late North American trading session. However, ADA's price has been in recovery over the past few weeks, closer to Bitcoin (BTC) and Ethereum (ETH). Furthermore, on-chain data analysis shows an increase in capital to cryptocurrency investment products, fueled by geopolitical and economic uncertainty. The founder of Cardano is under scrutiny for fraud claims, and the Cardano network has found itself on thin ice as some on-chain analyses indicate a lack of trust from founder Charles Hoskinson. According to Masato Alexander, an NFT artist, Hoskinson dealt with the Cardano network during the Allegra Hard fork in 2021 to control 318 million coins. Alexander noted that Hoskinson invested early investors using genesis keys to rewrite Cardano's ledger by redirecting unclaimed tokens from the 2017 Initial Coin Offering (ICO) to Cardano's reserves without community consent. "From the data we have, we know that a significant amount, totaling 318,200,635,000,000, which translates to 318,200,635 ADA, left from our active pool. These Utxos, residing in 465 unique addresses, played their part, however short or long, in the changing narrative of Cardano," Alexander mentioned. Although the top Cardano team, including Hoskinson, has denied these claims, an on-chain investigation is expected in the coming weeks. Mid-term price predictions for ADA In the daily timeframe, ADA Price has established an upward trend in recent weeks. After breaking out of a macro wedge pattern in April, ADA Price has gradually gained bullish momentum characterized by higher highs and higher lows. In the four-hour timeframe, ADA Price has formed a symmetrical parallel channel, likely a continuation pattern. A solid close above the upper bounds of the descending channel will set a new accumulation towards the short-term target of around $1.14.
#ADA #that #the #fraud #the #bullish #momentum #Charles #facing #for #allegations #Does #Hoskinson #ignore #can