Charles Hoskinson, the founder of the Cardano ecosystem, continues to believe that these tokens will be the future of the crypto industry. cryptocoin.comas, we are transferring the tokens mentioned by CEO Charles Hoskinson to you.
Cardano CEO Charles Hoskinson draws attention to decentralized space
The Cardano founder recently took part in a Q&A session. During the session, Hoskinson said that DeFi will play a very important role in the cryptocurrency space in the future. It is stated that the first example of this was given in the form of the Travel Rule of the Financial Action Task Force. Rules used to prevent illegal transfers allow exchanges to hold assets during transactions.
Hoskinson also notes that clients transferring their assets to cold wallets may lose access to cryptocurrencies. It is possible that a decentralized identity can be added to transactions to avoid this.
Hoskinson believes this can also be done at the transactional level between regulated and unregulated entities. Alongside this, he says, centralized industry platforms are even more reliant on decentralized identities.
Earlier in November, Singapore conducted its first institutional DeFi trade with JP Morgan, SBI and DBS Bank. This means that the processing is done using verifiable credentials that determine who can participate and who can’t. About the growth of DeFi, Cardano CEO said:
It will be one of the most competitive areas in the cryptocurrency space in the next 2 years.
ADA price heading towards recovery
Cardano price has seen an increase of almost 4 percent in the last 24 hours. ADA is currently trading at $0.319. The resistance zone at $3.20 will be important for ADA price to recover.
The hurdle at $0.320 is expected to be turned into a support base. As a result, Cardano price is likely to continue higher towards $0.333. Acting as critical resistance, retracing this level marks an 8 percent rally for ADA. It will allow it to start a rise towards $0.344.
However, if the bearish momentum rises again, ADA could take the support level at $0.315. It is also likely to lose the support of the 30- and 50-day Exponential Moving Averages (EMA).
According to analysts, the bulls can push the ADA price up to $0.298. However, the formation of a daily candlestick near this level is likely to invalidate the uptrend. As a result, it is expected to cause the altcoin to label lows of $0.285.
