Hoskinson Acknowledges Expensive Discussions with Chainlink as Cardano Evaluates Alternatives
Chainlink Integration Negotiations
- Integration Costs: Cardano founder Charles Hoskinson revealed that Chainlink quoted an "absurd" price for integration, indicating that negotiations are ongoing. He acknowledged the expertise of Chainlink co-founder Sergey Nazarov as a skilled negotiator.
- Importance of Oracles: The integration is crucial for Cardano to access reliable data feeds, which are essential for the functionality of many decentralized finance (DeFi) applications. Oracles enable on-chain applications to reference external data, and without them, scalability is hindered.
Strategic Decision-Making
- Buy vs. Build: Cardano is weighing the decision to purchase proven oracle infrastructure against developing in-house tools. This involves balancing the immediate cash costs of integration with the risks and complexities of building a parallel system.
- Community Reactions: The community's response to Hoskinson's comments was mixed, with some urging for a swift integration of Chainlink, while others questioned the lack of internal solutions and demanded clearer timelines for progress.
Market Implications
- Potential Outcomes: If a deal with Chainlink is finalized, it could enhance Cardano's capabilities and broaden its use cases. Conversely, if negotiations falter, Cardano may have to rely more on internal or alternative solutions, which could complicate its development efforts.
- Current Market Status: As of now, Cardano (ADA) is trading at $0.813, reflecting a 1.12% decline in the last 24 hours and a 12.35% drop over the past week. Its market capitalization stands at $29.69 billion, with a 24-hour trading volume of $956 million. ADA is currently 73.5% below its all-time high of $3.09.
Future Developments
- ETF Listing: Cardano is preparing for its first ETF listing on Wall Street, with proposals from issuers like Grayscale. If approved, this could attract institutional investment and enhance ADA's legitimacy in regulated markets.
- Controversies: Despite facing ongoing controversies regarding fund mismanagement, similar to issues in previous years, these challenges have not significantly impacted Cardano's long-term roadmap.
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Technical Analysis for ADA
Technical Sentiment Analysis for Cardano (ADA) As of , Cardano (ADA) is exhibiting a Sell technical sentiment. Our proprietary analysis, which aggregates 3 technical signals, shows that 0 indicators are flashing buy, while 3 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status Currently, the Relative Strength Index (RSI) for ADA stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the stock.
Support, Resistance & Moving Averages From a structural perspective, ADA is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Cardano (ADA) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 0.124 | 0.172 | 0.225 | 0.274 | 0.327 | 0.376 | 0.429 |
| Fibonacci | 0.172 | 0.211 | 0.235 | 0.274 | 0.313 | 0.337 | 0.376 |
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