Crypto analyst who calls himself Ali on the Twitter/X platform published a post about the potential moves Cardano is about to make. He suggests that two scenarios are likely, depending on the coin’s behavior as it is forming an important pattern on the chart.
“Cardano forming descending triangle”
Ali tweeted that Cardano’s native coin ADA is currently moving within a descending triangle pattern on the lower time frames. Should it make a sustained close above the $0.638 level, this could propel ADA to a bullish breakout toward $0.700, the analyst says.
Still, things could also follow the opposite scenario, Ali warns the Cardano community. He urges them to keep a close eye on the $0.613 level of support. Should ADA demonstrate any weakness at this level and the bullish momentum for it would be lost, pushing the coin down.
Still, despite the bullish potential ADA has been demonstrating recently, in the middle of November, the second biggest proof-of-stake blockchain faced a major difficulty with holders. On Nov. 17, a large number of ADA wallets, the majority holding from 1 to 10 ADA, disposed of their ADA stashes, showing capitulation and promising a potential price reversal point, according to an analysis published by Santiment.
However, since then by the start of this week, the ADA price increased by 65%. Since that day (Tuesday) until Thursday, ADA surged by more than another 13%. This was followed by a 9.8% decline. At the time of this writing, Cardano’s coin is changing hands at $0.610 on Binance.
Cardano founder issues critical warning
As reported by U.Today earlier, Cardano creator Charles Hoskinson commented on a video with a deep fake image of himself generated by an artificial intelligence-powered program. A user whose tweet he noted commented that Hoskinson looks pretty much like in real life, although a little “choppy.” In it, the fake Cardano founder is offering the community a fake ADA giveaway to steal their crypto.
Hoskinson stated that within 12-48 months, AI-generated videos with deep fakes will become indistinguishable from videos with real people as this technology is becoming more sophisticated very quickly. He believes that scam artists are going to take advantage of this and create scam videos on YouTube.