Cardano's founder, Charles Hoskinson, is signaling a long-term opportunity in Cardano's decentralized exchanges (DEXes) despite the current price consolidation. With #ADA trading at $0.36, Hoskinson believes the DEX ecosystem can thrive once deep liquidity and reliable settlement assets are in place. He highlights the valuation disconnect within Cardano's DeFi sector, particularly with the privacy-focused sidechain Midnight and its token NIGHT, which has a market cap exceeding $1 billion .
*Key Points:*
- *Cardano's DEX Opportunity*: Hoskinson sees potential for significant growth in Cardano's DEX ecosystem once key infrastructure components are established.
- *Stablecoins and Cross-Chain Bridges*: These are crucial for Cardano's DEX growth, enabling reliable settlement and deep liquidity.
- *Price Action*: ADA is currently trading at $0.36, with a 2.77% decrease in the last 24 hours.
- *Resistance Levels*: Analysts predict a breakout above $0.47 could trigger a rally toward $0.70-$0.77 or even $1.00 to $1.20 in the long term .
- *Support Levels*: A breakdown below $0.39 could lead to a decline toward $0.27-$0.30 .
Follow-up questions:
- What are the potential benefits and risks of investing in Cardano's DEX ecosystem?
- How might the introduction of stablecoins and cross-chain bridges impact ADA's price?
- Can you explain more about the Midnight sidechain and its role in Cardano's ecosystem?
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