Cardano (ADA) has never recovered since it fell from the top ten cryptocurrencies list. It ranks 13th in the rankings, and is 92% below its all-time high of $3.10. But that didn’t stop short traders. They still expect the price of Cardano to fall further. But now there may be a glimmer of hope for bulls. This is after Charles Hoskinson said that Cardano will be ready when the quantum arrives.
Hoskinson announces Cardano quantum timeline
Hoskinson was speaking at interview He was discussing what will happen to Bitcoin when quantum computing gets here. He said, Bitcoin does not seem well prepared for this event. But Cardano, on the other hand, is preparing.
He mentioned some of the altcoins that are most quantum ready. These are Algorand, Ethereum and Cardano. But when it comes to Cardano, Hoskinson says there are a lot of things they will do over the next 24 to 48 months.
He also said that by the time the contract was up, everything that had been accomplished would be “tied with a tie.” This means that by 2030, Cardano may be resistant to the quantum threat, and Cardano price will benefit.
The best part is that working on quantum non-hacking is not the only thing Cardano developers are working on. Leios upgrade is coming. CoinGape reported this earlier Cardano wants to conduct 27 million monthly transactions by 2030.
This proactive initiative by Hoskinson to address the threat posing to cryptocurrency conversations is a good thing for Cardano long-term price forecast. But where will the price go in the short term?
Cardano price aims to rise 25% as it tests 50-day SMA resistance
Cardano is not out of the woods, and it will take more than just a network upgrade to attract buyers. By looking at the RSI, one can see that the bulls have had absolutely no control since mid-March. It’s 46, which shows the Bears are in charge.
The 50-day SMA line shows why this is the case. Since mid-March, Cardano price has not managed to overcome this hurdle. Now she treats it as resistance. If it can surpass it, this will be the turning point for ADA price.
What makes this level even more interesting is that it is also located at the 61.8% Fibonacci level. If ADA price can cross $0.25, this could be the start of a good upward movement. It may reach $0.28, and if the bulls still have a good grip here, the price may rise to the 200-day SMA at $0.31.
From $0.246, the price Cardano is trading at today, to $0.31 is a 25% move. It’s not an unattainable goal because A.J Cardano price analysis CoinGape also reported similar gains. He said that due to the wedge pattern, the ADA could reach $0.30.
This gain may surprise traders. This is because of the many short positions that have been opened. This caused the buy/sell ratio to drop to 0.79. If by chance the price of ADA rises and reaches $0.31, the breakout will trigger a short squeeze and further gains.
