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Cardano’s (ADA) recent price movements have drawn significant attention from the investment community. On May 13th, ADA saw a rise of 1.34%, reaching $0.821, positioning itself at the brink of a more significant breakout in the short term. The next target is stated to be at the $1.137 level, and bullish expectations in the market continue to rise. The perspective of Cardano’s founder, Charles Hoskinson, defending the security mechanism of the platform further supports the positive sentiment in the market.
Technical Indicators and Short-Term Resistances
Over the past week, Cardano’s price has increased by nearly 2%, maintaining an upward trend. Following a 19% rise in the previous week, the price seems to have hit a short-term resistance at $0.837. This situation leads Cardano 
$0.799717 into a consolidation phase in the short run. In technical analysis, an inverse head-and-shoulders formation, supported by a neckline at the $0.75 level, stands out as a significant indicator for ADA.
According to the technical assessment, the targeted 49.85% increase from this formation directly points to the $1.137 level. A breakout above $0.837 in the short term could give the price new momentum. However, resistance points, including a level at $0.983, add to market volatility.
Looking at indicators, a potential positive crossover of the MACD and signal lines might suggest a new bullish trend. The RSI’s rapid recovery after dipping from the overbought zone back to mid-level indicates sustained buying pressure.
Excitement in Futures Trading
The price movements in Cardano also reflect in the futures market. ADA open positions increased by 6.61%, reaching $987 million and nearing the $1 billion mark. Additionally, the funding rate rose to 0.0141%, indicating a favorable market outlook. These developments suggest that derivative product investors are anticipating an upward move in ADA prices.
If market consolidation continues, the tightening in ADA prices could resolve in either direction. A downward break of the $0.75 support, based on technical analyses, could result in a 20% drop to $0.647 for ADA. The next major support lies at the $0.60 level.
Charles Hoskinson’s Statements and Community Confidence
Charles Hoskinson, the platform’s founder, clarified debates regarding futures coupons on the Cardano chain. He explained that due to the original coupon holders not using their ADA tokens on time, the process moved off-chain to reduce fraud risk, prioritizing security and legal compliance.
Charles Hoskinson: Sweeping unredeemed Genesis UTXOs was a necessary step for security and compliance. Appropriate communication with recipients was ensured. This process was part of the Shelley upgrade.
Hoskinson also highlighted that not making a public announcement was a decision to prevent fraud risk, contributing to maintaining trust within the community.
ADA’s current technical indicators suggest that the price could reach the short-term target of $1.17. If the price holds above $0.837, a new wave of increase may commence. However, if the $0.75 support is breached, it could be a risky level for investors. The positive sentiment in futures trading heightens expectations, but market volatility persists. Potential investors should closely monitor support and resistance levels, consider technical indicators, and evaluate on-chain developments.
