Cardano Price Rises as Charles Hoskinson Dispels slowdown Rumors

The Cardano price has climbed 2% in the last 24 hours to trade at $0.4168 on a 19% surge in the daily trading volume to $674 million.

The surge in ADA price comes as Cardano founder Charles Hoskinson clears the air about the recent slowdown on the network. Many people online had been worried and spreading rumors, but Hoskinson released a simple “Myths vs Facts” report to set the record straight. He confirmed that the Cardano mainnet never shut down, the core protocol was never compromised, and no AI-created transaction crashed the network.

Hoskinson explained that the issue came from an edge case in the node software, not a failure of the Cardano system itself. Stake pool operators, exchanges, and engineers noticed the problem immediately and responded quickly. Thanks to their fast action, the network kept running safely, and patched software was released within hours.

He added that ecosystem teams formed a joint incident squad to fix the issue. They pushed a node update that allowed the healthy chain to stay ahead of the invalid nodes using the regular Ouroboros consensus. This challenges earlier claims from Intersect, suggesting a chain split.

The report also denied claims that an AI teenager was behind the problem. Intersect has promised a full review and a detailed report to prevent similar incidents in the future.

ADA Price Extends Downtrend as It Approaches Key Support Zone

Cardano price is still under strong selling pressure, trading at $0.4170 on the daily chart. The price has been falling for weeks after it failed to break above the key resistance zone between $0.80 and $1.00. This area has rejected the ADA several times, making it a strong barrier for buyers.

Since that rejection, ADA has been moving inside a descending channel, forming lower highs and lower lows. This pattern shows a steady bearish trend, where sellers remain in control. Every time ADA tries to recover, it gets pushed back down near the top of the channel.

A major bearish signal is the moving average cross. The 50-day moving average has crossed below the 200-day moving average, forming a “death cross.” This is usually a strong sign that the long-term trend is bearish. As long as ADA stays below these moving averages, the market outlook remains negative.

ADAUSDT Daily Chart Analysis. Source: Tradingview

Cardano Faces Key $0.27–$0.30 Support

The price is now approaching a key support level around $0.27–$0.30. This area has protected ADA in the past, stopping deeper drops. However, the coin is moving into this support with strong downward pressure, so there is a risk that it may break below it if buyers are not strong enough.

The RSI (Relative Strength Index) is at 27.84, which shows that ADA is deeply oversold. An oversold reading often indicates that sellers are weakening, and a short-term bounce can occur. But oversold signals in a strong downtrend do not guarantee a reversal—they simply show that selling pressure may slow down for a while.

If ADA holds the $0.27–$0.30 support zone, it could bounce back toward $0.50 or the top of the descending channel. For a stronger bullish signal, ADA would need to close above the 50-day moving average. On the downside, if it breaks below $0.27, the next possible target could be around $0.20, which would continue the long-term bearish trend.