Cardano (ADA) price jumps 4% with a boost in the crypto market sentiments. The surge in buying pressure aligns with Charles Hoskinson’s fight back against TGE rumors of a 318M ADA transfer. With a fresh recovery at hand, Cardano prepares for a 40% breakout rally ahead. Will ADA price surge to the $1 psychological mark as Charles fights strong against rising rumors?
Cardano Price Analysis Signals Potential Rise to $1
Cardano price at $0.701, a 4.32% intraday rise, creates a strong bullish engulfing candle. The comeback in ADA price undermines the minor pullback on the weekends, reinstating short-term optimism.
Since March, Cardano has struggled to cross the $0.762 supply zone while marking a bottom at $0.557. During the sideways shift, the ADA price created two swing lows $0.682 and $0.557, resulting in a reversal rally challenging $0.762. With the recent turnaround from $0.226, Cardano price trend hints at completing an inverted head and shoulder pattern. The neckline coincides with the 23.60% Fibonacci level near the $0.762 supply zone.
The rising ADA price must sustain a daily closing price above the neckline for a conclusive breakout signal. For this bullish pattern, the target is calculated by adding the depth of the head to the breakout point. This hints at a price move of more than 40% in Cardano to the 50% Fib level at $1.082, aligning with broader market bullish Cardano price predictions.
Cardano price chart
The RSI Indicator floating above the halfway line bolsters the upside potential in Cardano. However, the Chaikin Money Flow (CMF) Index remains negative at -0.08, reflecting underlying weakness. A potential flip in the CMF Index will increase breakout chances in the ADA price.
If the bulls fail to hold momentum, a pattern breakdown will crash Cardano to the recent swing low at $0.226, followed by $0.557.
Allegations Surface Over Cardano Fund Handling and Governance Transparency
In a recent tweet, Masato Alexander alleges Charles Hoskinson and Input Output Global (IOG) altered Cardano Ledger. Masato claims Charles and IOG relocated over 318 million ADA from unclaimed ICO vouchers to network reserves. The allegations claim that funds transfer via MIR (Move Instantaneous Rewards) transactions are lacking transparency.
The complainant questions Charles’s defense of returning funds to buyers or IntersectMBO, alleging that just ~$7 million was publicly transferred. Further, he adds that staked funds earned 25 million ADA.
Hoskinson Fights Back and Community Rejects Any Claims of Fraud
The founder of Cardano, Charles Hoskinson, refutes the allegations and maintains the stand of TGE is finalizing its last voucher redemption. He adds that 99.8% of ADA vouchers were redeemed, and the remaining 0.2% were lawfully donated to Intersect after the 7-year deadline. Fighting back against rising allegations, Hoskinson warns of legal action against those spreading rumors.
Rejecting the allegations, Jonathan Morgan, a blockchain analyst, said Masato is misdirecting and using lies to support his argument. The analyst highlighted that the protocol upgrade was a consensus-driven event and not a unilateral rewrite. Furthermore, the unclaimed ICO vouchers with no active private-key holders crossing the redemption deadlines are the ADA funds in question. Cementing the claims, Jonathan bolsters over 300 million ADA were successfully returned to rightful claimants.
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