Cardano 
$0.637824 (ADA) experienced a notable rise, reaching 0.74 USD on May 20th. This 3% daily increase has fueled investor expectations for breaking the 1-dollar psychological barrier, following ADA coin withdrawals from exchanges approaching a billion dollars since the beginning of the year. Amidst this, announcements declaring an independent audit to address fraud allegations against the project’s founder, Charles Hoskinson, have bolstered trust within the community. The situation has pushed the question, “Can history repeat itself?” back into the spotlight.
Strong Bull Signal Seen from ADA Coin Withdrawals
Data from CoinGlass reveals that $932 million worth of ADA coins have been pulled from centralized exchanges since the start of the year. This level of withdrawal mirrored a bull run in 2021 that pushed ADA’s price to 3.10 USD. Despite ADA’s market cap dropping by 75% since then, on-chain activity indicates a strengthening hand for long-term investors. The transfer of coins out of exchange wallets suggests a classic “supply constraint” signal, indicating decreasing seller intent.
Technically, the flow’s impact is clear as the daily price chart shows strong support at 0.74 USD, with the Relative Strength Index (RSI) hovering neutrally above at 51. A substantial breach of the 0.84 USD resistance could lead to a swift ascent to 1.32 USD, or even to 3.10 USD if history were to repeat itself.
The outlook is also optimistic in the futures market. On the Binance exchange, 74% of ADA traders hold long positions, with the open position size reaching 859 million USD. While high leverage poses risks of sharp price movements, it indicates buyers maintain control. Bulls consider the 0.68–0.74 USD range the “final bastion,” with any downward attack posing the risk of plunging as low as 0.55 USD.
Awaiting Hoskinson’s Audit Report
Allegations that Hoskinson rewrote records and stole 619 million USD are under scrutiny by an international audit-legal duo at Input Output Global’s request. Expectations for a “clean” report, combined with Hoskinson’s announcement to “step back from social media,” have eased the community’s doubts. This renewed confidence could directly affect altcoin pricing.
