Key takeaways
- Hoskinson explains the social media outage as ADA remains under intense selling pressure
- ADA is down 30% this week and the sell-off could extend in the near term.
Cardano fell another 13% on Friday, taking its weekly losses to more than 30% as investors reacted to founder Charles Hoskinson’s comments and broader market weakness.
This decline marks the fifth consecutive day of losses for ADA, despite a notable increase in network activity and community engagement.
Hoskinson makes it clear that he is not leaving Cardano
Market anxiety intensified after Charles Hoskinson posted a short message on social media that read: “I’m taking a break, TTYL,” which some investors interpreted as a potential departure from Cardano and its development ecosystem.
After the backlash, Hoskinson returned with a live stream to clarify that he was only stepping back from public activities and social media involvement, and not from his involvement in Cardano or blockchain research.
He stressed that his focus remains on tackling complex industry challenges such as the blockchain trilemma, while distancing himself from expectations surrounding the performance of the ADA market.
“I’m not excited about raising the ADA rate,” Hoskinson stated during the discussion.
While the market reaction has been negative, on-chain and social metrics indicate that the Cardano community remains highly engaged.
According to Santiment data, social dominance has risen to approximately 0.52%, the highest level recorded this year.
Furthermore, daily active addresses rose to 28,459, the strongest reading in almost four months.
The spike suggests that discussions and participation in the network accelerated as investors responded to speculation surrounding Hoskinson’s comments.
However, the increased activity has so far failed to offset persistent selling pressure.
Cardano Price Forecast: Technical outlook remains bearish
From a technical perspective, Cardano is still in a strong downtrend. ADA continues to trade well below its key long-term moving averages (50-week EMA: $0.4139, 100-week EMA: $0.4967, 200-week EMA: $0.5095).
Momentum indicators also remain weak. The RSI fell to 22, entering the oversold territory, while the MACD remained slightly positive but approaching a bearish crossover.
These signals indicate that bearish momentum remains dominant despite the emerging oversold conditions.
If the downtrend continues, the next major support level is near the 61.8% Fibonacci retracement at $0.1274, calculated from Cardano’s 2020-2021 bull market advance.
but, the The psychological support of $0.1500 could serve as a short-term demand level in the near term.
If the uptrend resumes, immediate resistance will be seen at $0.2345 (50% Fibonacci retracement) and $0.4139 (50-week EMA).
A sustained break below $0.1500 would increase the risk of a deeper correction towards the $0.1274 area, while any attempt at a recovery would first need to overcome resistance near $0.2345 before challenging longer-term trend barriers.
