Price Decline and Market Reaction
Cardano fell another 13% on Friday, extending its weekly losses beyond 30%. Investors responded to comments from founder Charles Hoskinson and ongoing weakness across the broader market. The decline marks ADA's fifth consecutive day of losses, despite measurable increases in network activity and community engagement.
Hoskinson Clarifies Position on Social Media Break
Market anxiety increased after Charles Hoskinson posted a brief message stating he was taking a break. Some investors interpreted the statement as a possible departure from Cardano. Hoskinson later addressed the matter in a live broadcast, explaining that he was withdrawing only from public-facing activities and social media, not from his work on Cardano or blockchain research.
He stated that his attention remains on long-term technical challenges such as the blockchain trilemma. Hoskinson also distanced himself from expectations tied to ADA's short-term market performance, noting directly that he is not focused on driving the price of ADA higher.
I am not passionate about making the price of ADA go up.
Network Activity and Community Metrics
On-chain and social data indicate that the Cardano community has stayed active. Social dominance reached approximately 0.52%, the highest level recorded this year according to Santiment. Daily active addresses rose to 28,459, the strongest figure in roughly four months. The increase shows that discussions and participation grew in response to the speculation around Hoskinson's comments. However, the higher activity has not yet countered the prevailing selling pressure.
Technical Outlook Remains Bearish
From a technical standpoint, Cardano continues in a firmly bearish trend. ADA trades well below its key long-term moving averages, with the 50-week EMA at $0.4139, the 100-week EMA at $0.4967, and the 200-week EMA at $0.5095. Momentum indicators remain weak. The RSI has fallen to 22, entering oversold territory, while the MACD stays slightly positive but approaches a bearish crossover. These signals point to downside momentum that persists despite emerging oversold conditions.
If the bearish trend continues, the next major support level lies near the 61.8% Fibonacci retracement at $0.1274. The $0.1500 psychological level could act as short-term demand in the near term. On the upside, immediate resistance stands at $0.2345, the 50% Fibonacci retracement, followed by $0.4139 at the 50-week EMA. A sustained break below $0.1500 would raise the risk of a deeper correction toward $0.1274, while any recovery would first need to clear resistance near $0.2345.
