Cardano’s Hoskinson Proposes DID Integration to X As ADAUSD Struggles

NOIDA (CoinChapter.com)— Cardano’s upcoming Chang upgrade aims to silence speculations that the blockchain project is dead. The blockchain’s performance in 2024 has been somewhat dismal, resulting in speculations about the project’s future and a drop in the ADA price.

Moreover, ADA’s price performance fueled the rumors of Cardano’s demise, with the Cardano token down 60% from its 2024 high near $0.8. Although the ADA to USD rate did recover with the wider market in July 2024, several analysts decided to declare Cardano a dead project.

Amid these rumors, Cardano’s founder, Charles Hoskinson, has engaged in a high-profile exchange with Elon Musk, discussing the potential integration of decentralized identifiers (DIDs) into X

Cardano’s Hoskinson Advises Musk On X

Charles Hoskinson, whose Cardano project faces allegations of stagnation, contacted Elon Musk and suggested integrating decentralized identifiers (DIDs) into X. The Cardano founder shared his views after Ben Goertzel, founder of SingularityNET, posted that someone hacked his personal X account.

DIDs, simple digital identities ensuring privacy and security, could enhance X’s identity management, security, and compliance. Moreover, Hoskinson emphasized that his approach is blockchain-agnostic, providing a robust solution without promoting a specific blockchain.

Timothy Ruff, a W3C DID developer, responded critically. He argued that true decentralization should not rely on blockchains. Ruff’s perspective sparked a technical and philosophical debate on achieving decentralized identity solutions.

Hoskinson clarified that DIDs do not inherently require blockchains, addressing Ruff’s concerns. However, the engagement might be part of Hoskinson’s strategy to rejuvenate interest in Cardano by aligning it with high-profile projects like X.

Analyst Bullish On ADAUSD Pair But Advises Caution

Meanwhile, Cardano’s price action is currently mirroring a bullish pattern last seen in 2020, which resulted in a rally exceeding 3000%. The pattern, characterized by a break and retest, is once again unfolding, suggesting a potential for significant gains.

Trader Philip from BasicTrading highlighted key levels to watch: the support level at $0.25 and a critical level at $0.42. The strong bullish rejection wick forming indicates that if Cardano’s monthly close confirms this pattern, it could lead to new all-time highs.

Philip advises traders to maintain a long-term vision and avoid emotional trading, emphasizing the importance of staying updated with market developments. However, the potential bullish scenario for Cardano aligns with its upcoming Chang upgrade.

Moreover, the ADA USD pair’s bull run halted on July 16. The token failed to move over the 100-day EMA (blue wave) resistance near $0.45. Breaching the immediate resistance might see ADA price reach the resistance near $0.49, meaning 1 ADA would reach a price mark near 0.5 USD before retreating.

On the other hand, if the downtrend continues, ADA USD could drop below the 50-day EMA (purple) dynamic support to reach $0.4. Failure of the immediate support level could result in the ADA to USD conversion rate dropping to $0.37 before recovering.

The RSI for ADA remained neutral, scoring a comfortable 53.76 on the daily chart.

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