Cardano price pulled back on Tuesday even as Charles Hoskinson, its founder, hinted at major announcements and partnerships coming soon. ADA token fell to a low of $0.778 on Tuesday morning, its lowest level since May 10, and 10% below its highest level this month.
Charles Hoskinson prepares for more partnerships
One of the biggest crypto news stories on Monday was the integration of Cardano on Brave, a popular browser used by millions of people globally.
The integration will enable users to directly access Cardano to manage assets like NIGHT, engage in governance, and seamlessly swap tokens. Brendan Eich, Brave’s founder said:
“Integrating Cardano into Brave Wallet not only expands multi-chain access, but also enhances security, governance participation, and the overall user experience.”
Charles Hoskinson, Cardano’s founder, noted that the network was preparing for more announcements throughout the Summer months.
The Brave announcement is the first in a series that will come out throughout the Summer and Fall that I term the fixing broken windows deals that originated from Midnight negotiations. It was long overdue, they originally could have been engaged in 2022. A certain entity
These announcements will mostly be because of Midnight, a privacy-focused sidechain that aims to provide a secure, regulatory-compliant environment for handling sensitive personal data using zero-knowledge cryptography. Midnight will have two tokens: NIGHT and DUST, and will use a dual consensus mechanism combining proof-of-work and proof-of-stake.
Cardano deal with BitcoinOS
One of the top deals is Cardano’s partnership with BitcoinOS, which aims to make it easy for users to monetize their Bitcoin holdings. Earlier this month, BitcoinOS announced that it had successfully demoed the first bridgeless transfer of BTC between Bitcoin and Cardano through the Sundial Protocol.
Read more: Cardano price prediction: eying a 60% surge despite its ecosystem issues
The process was relatively simple in that it started with the team locking one BTC on Bitcoin using its BitSNARK protocol. That BTC was then wrapped into a new token known as xBTC, a token that resembles wBTC. BitcoinOS then sent its 1 xBTC from its Bitcoin wallet to Sundial’s Cardano wallet.
Cardano hopes that this non-custodial approach will introduce billions of assets to its network. However, critics argue that this technology is not new as Bitcoin assets already hold over $9.4 billion in assets. 59 protocols are doing almost the same thing, with the biggest ones being Lombard Finance and Babylon Protocol.
The other key concern is that Hoskinson and Input Output have made and broken some promises in the past. For example, Hoskinson promised a dinner with a VIP earlier this year, but no details came out. Also, Cardano famously promised to move Ethiopia’s education system to the blockchain in 2021, but nothing has happened since then.
The other concern about Cardano is its stablecoin market cap, which stands at $31.50 million. That is a sign that not much is going on in the network, which explains why many call it a ghost chain.
Cardano price technical analysis
ADA price chart | Source: TradingView
The weekly chart shows that the ADA price has been bullish in the past few months. It has remained above the ascending trendline that connects the ascending trendline that connects the lowest swing since September 2023.
Cardano has moved into the second phase of the Elliott Wave pattern and is entering the third. Historically, this phase is usually the longest bullish part of the wave. If this happens, the next point to watch will be the 61.8% Fibonacci Retracement point at $2.0. This view will be confirmed if the coin jumps to $1.327, the highest swing in December last year.
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