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Early this week, part of a recent podcast featuring entrepreneur Mario Nawfal and crypto trader Scott Melker was shared by Twitter user swan.ada. The podcast had Steven McClurg, co-founder of Valkyrie, as one of the guests. In the podcast, McClurg expressed his belief that many cryptocurrencies, including Cardano’s ADA, qualify as securities under U.S. law.
@IOHK_Charles, you are being accused from @stevenmcclurg that your issuance of #Cardano was illegal and you will be prosecuted for it.
— swan.ada (@Vanamonde1) June 20, 2023
Are you going to addresss those accusations?
McClurg specifically mentioned Cardano’s issuance and distribution, highlighting the financial gains made by Charles Hoskinson and the development team through ADA sales. However, McClurg did not think that app builders on the Cardano blockchain would be affected if Cardano were to face legal action and ADA’s creators were prosecuted.
In response to this allegation, Hoskinson tweeted, pointing out the lack of factual evidence and comprehensive explanations from the accusers. He also questioned who should register and what should be filed and disclosed.
A week ago, when refuting the SEC’s accusations regarding Cardano’s security status, Hoskinson tweeted that the original financing for the blockchain came from Japan in 2015. He mentioned that Cardano conducted an Initial Coin Offering (ICO) in Japan, earning it the moniker “Japanese Ethereum.”
Cardano (ADA) Current Market Standing
Cardano (ADA) is ranked as the seventh biggest project in terms of market cap, according to CoinMarketCap. It experienced a 24-hour price increase of 8.56%, taking its price up to $0.3016 at press time. The Ethereum-killer’s market cap stood at $10.56 billion as a result.
Meanwhile, ADA’s 24-hour trading volume stood at $371.903 million, following a 24-hour increase of 32.26%. Furthermore, the price of ADA was nearer to its 24-hour high of $0.3031, while the altcoin’s daily low stood at $0.2762.
The recent increase in ADA’s price had pushed its already-positive weekly performance deeper into the green. As a result, the altcoin’s weekly price performance stood at +18.83%.
Cardano (ADA) Technical Overview
ADA’s price was able to break above the key resistance level at $0.2882 over the past 24 hours – flipping the level into support in the process. The altcoin’s price was attempting to do the same with the next major resistance level at $0.2062 at press time. Should ADA’s price successfully break above this price point within the next 24 hours, it may enter into a bullish breakout.
If it continues to rise in the next 2 days, ADA’s price will most likely make a move toward $0.3296. On the other hand, a break back below the aforementioned $0.2882 mark over the course of the next 48 hours may result in ADA’s price plummeting to $0.2736 in the next 24 hours.
Looking at the daily chart, ADA was attempting to break above the 20-day EMA line. Over the past month, this technical indicator acted as a strong resistance level for the altcoin’s price. If ADA can close a daily candle above the 9-day and 20-day EMA lines, then it will have a clear path to climb to the next obstacle at $0.3517 in the following 24-48 hours.
On the other hand, failing to close a daily candle above the 20-day EMA line over the next 2 days will likely result in ADA’s price dropping to $0.2539 in the following few days. Investors and traders will want to keep an eye on the 9-day and 20-day EMA lines in the next 48 hours. Should the two lines cross, it will signal that ADA’s price has entered into a short-term bull cycle.
This potential bull cycle will give ADA’s price the fuel it needs to overcome the previously-mentioned resistance level at $0.3517. Thereafter, continued buy pressure may boost the altcoin’s price to just above $0.40. Looking at the daily RSI line on ADA’s chart revealed that there was still room for ADA’s price to move up, as the RSI was in neutral territory.
Disclaimer: The views and opinions, as well as all the information shared in this price prediction, are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.
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