Cardano Founder Says Not Holding ADA Now is a Major Red Flag

Cardano (ADA) founder Charles Hoskinson humorously claimed it is a red flag for any investor to not hold some amount of ADA tokens at this point.

Hoskinson conveyed this viewpoint in a recent post on X in reply to LILY Brodi, a pro-Cardano content creator. Brodi initiated a discussion within the Cardano community on the prospect of first date questions.

Specifically, the Cardano proponent explored the prospect of asking her date if he holds some ADA. Essentially, Brodi is hinting at her desire for a partner with similar interests and values in cryptocurrency.

In a light-hearted manner, Hoskinson remarked that a partner who is not holding ADA tokens at this stage of development might count as a major red flag. Hoskinson’s remark has since triggered reactions from community members.

At this point, not holding ada is a major red flag. I mean I'm not saying they are cannibals, but… pic.twitter.com/s2CzXr2Hxr

— Charles Hoskinson (@IOHK_Charles) April 4, 2024

Cardano Caught in Bearish Pressure

Meanwhile, the comment comes at a time when ADA has not been a good asset for market participants to hold. ADA has crashed over the last 30 days from its recently-attained yearly peak of $0.8011 to as low as $0.5651. This trajectory represents an approximately 30% price collapse in four weeks.

Emphatically, Cardano has battled significant bearish forces over the past month, registering no positive gain. Moreover, the asset has not shown signs of a comeback yet, declining by 3% over the last 24 hours.

However, it is worth mentioning that this discouraging performance has not been observed for Cardano alone. Rivals like Ethereum and XRP have witnessed similar double-digit percentage price crashes within the last four weeks. 

Yet, others like BNB and Solana (SOL) have shown remarkable resilience by recording over 30% positive gains in 30 days amid Bitcoin correction.

Cardano’s Outlook for April

Notably, some market participants have interpreted Hoskinson’s comment as a potential indication of significant developments on the horizon for Cardano, possibly leading to an increase in its price.

On the contrary, researchers at crypto exchange Changelly are not optimistic about ADA’s performance this month. In their April price forecast for Cardano, they suggested the likelihood of ADA re-entering the $0.6 range but predicted that it would decline by the month’s end.

Nonetheless, renowned independent analysts like Ali Martinez have projected that Cardano would resume its previous bullish momentum this month based on historical observation. Martinez’s ambitious target for ADA this season is $8.