Cardano (ADA) Price Faces Volatility as Charles Hoskinson Prepares to Unveil New Roadmap

Cardano’s price is experiencing turbulence ahead of founder Charles Hoskinson’s highly anticipated roadmap reveal at the upcoming Buenos Aires Cardano Summit. Despite a strong performance last week, ADA shed value over the weekend, failing to sustain a potential breakout and once again dropping out of the top 10 cryptocurrencies by market cap.

Will Hoskinson’s Post-Voltaire Vision Boost ADA?

Hoskinson recently announced on Twitter that he would be skipping the Foundation Summit in Dubai to attend the Buenos Aires Cardano Summit in Argentina instead. The Cardano creator is slated to deliver a keynote speech at TechForum Argentina on October 19th, where he plans to unveil Cardano’s post-Voltaire roadmap. Hoskinson expressed particular excitement about sharing the stage with Argentina’s pro-Bitcoin president, Javier Milei.

However, this news has yet to positively impact ADA’s price. The token has dipped 2.1% in the past 24 hours, currently trading at $0.3853. ADA appears to have abandoned its anticipated breakout from a falling channel pattern and is now trending downwards. This selling pressure is likely to persist in the near term, as data from Coinglass shows short positions significantly outweighing long positions.

ADA Price Analysis: $0.31 in Sight?

Market participants are closely watching the strong support zone around $0.31, approximately 18% below the current price. This level has become crucial as overhead resistance has strengthened due to recent price rejections. Coinglass data indicates most short positions are concentrated between $0.388 and $0.4, creating a challenging barrier for ADA to overcome.

This resistance zone also aligns with the 200-day exponential moving average (EMA), further reinforcing its significance. On the downside, ADA may find temporary support near $0.36, coinciding with the 50-day EMA. A bounce from this level could lead to another test of the 200-day EMA resistance.

If the 50-day EMA fails to hold, Cardano could potentially drop to $0.31, representing an 18% decline from current levels. Alternatively, if price action forms a double-top pattern at the 200-day EMA after bouncing from the 50-day EMA, it could signal further bearish momentum, potentially pushing ADA towards $0.25 near the channel’s lower boundary.

While major announcements typically act as bullish catalysts for cryptocurrencies, the current market sentiment surrounding ADA appears bearish. Significant selling pressure continues to weigh on the price, despite the anticipation surrounding Hoskinson’s upcoming roadmap reveal.