What are Elon Musk and Charles Hoskinson up to? By Investing.com

2/2

Cardano – Daily Chart

2/2

Investing.com – The managed to recover somewhat on Monday, May 2, 2022. It soared 1.17% to a price of 0.7817 dollars. This, however, cannot hide the fact that the cryptocurrency is among the biggest losers among the major cryptocurrencies on a weekly basis, losing more than seven percent.

Cardano founder Charles Hoskinson discussed several days ago that he could develop a decentralized social media platform with Elon Musk if the latter fails to buy Twitter Inc. (NYSE:).

Now that Twitter has accepted the offer from the CEO of Tesla (NASDAQ:), Charles Hoskinson’s idea is actually no longer relevant. Or not at all ?

Hoskinson’s itinerary shows he may have visited Twitter’s California headquarters. This did not go unnoticed by the community and even prompted Hoskinson to respond which further fueled speculation as he would not confirm or confirm. nor invalidate the case.

Technical thresholds to watch on Cardano

Cardano has now canceled the entire rally from $0.7496 to $1.2456. The RSI has temporarily reached oversold conditions, allowing the cryptocurrency to catch its breath.

If the recent low of $0.7372 is sustainably breached, expect further losses towards the 123.6 percent Fibo expansion of $0.6325.

However, if ADA manages to hold above its recent low, a rally is possible. In this case, the psychological level of $0.8000 will be taken into account and the 78.6% Fibo retracement of $0.8557 offers resistance.

By Marco Oehrl

Leave a Comment