- Cardano (ADA) has jumped 39% in July amid bullish technical patterns.
- Cardano founder Charles Hoskinson has denied scam claims.
- A break above $0.80 could push ADA toward $1 and beyond.
Cardano (ADA) has surged in value following a mix of bullish technical patterns and a heated public exchange involving its outspoken founder, Charles Hoskinson.
The price of ADA currently sits at around $0.75, climbing over 39% in July alone and catching the attention of traders and analysts alike.
Despite the distraction caused by the scam allegations levelled against Input Output (IOG), Cardano’s strong price action and favourable chart structures suggest that its bullish trend remains intact.
Hoskinson hits back at online scam claims
A person named Robin Engraf emailed Hoskinson, accusing Gabriel Martin, allegedly from Input Output (IOG), of embezzling funds during a supposed “trade withdrawal.”
Engraf claimed to have months of chat logs and bank records, urging US authorities to act.
In response, Hoskinson, the founder of Cardano and IOG, has responded to the email publicly, dismissing the accusation as not only baseless but also a reflection of broader gullibility in crypto communities.
In a stern statement, Hoskinson has criticised the trend of blaming public figures for falling victim to scams, calling out what he described as “carelessness and stupidity.”
He emphasised that such incidents are not new and have been occurring for nearly a decade, largely due to impersonators and false promises of extraordinary returns.
Hoskinson didn’t hold back as he argued that people often refuse to take responsibility after being deceived by schemes that promise easy profits.
He noted that victims of scams frequently turn their frustrations toward legitimate figures and companies, despite having no evidence of wrongdoing on their part.
While Hoskinson’s remarks sparked debate online, they also served as a reminder of the ongoing risks tied to impersonation fraud in the cryptocurrency space.
His message, though controversial, aligned with years of warnings about avoiding offers that seem too good to be true.
Current Cardano price action signals a bullish momentum
Even as this public spat unfolded, ADA’s market performance has continued to impress.
The cryptocurrency recently broke out of a long-standing downtrend around $0.63 and has since climbed steadily, forming a series of higher lows and testing resistance at $0.78.
According to market analysts, ADA is currently forming a symmetrical triangle pattern on the 4-hour chart, often a bullish continuation signal.
If the price pushes decisively above $0.80, it could open the path toward $0.84 and potentially even the psychological $1.00 mark.
Technical indicators also appear to support this view, with the Relative Strength Index (RSI) climbing above 70 and the Moving Average Convergence Divergence (MACD) maintaining a bullish crossover on both daily and weekly timeframes.
On-chain volume has also increased during price rallies, further supporting the case for sustained upward momentum.
Trader sentiment has tilted strongly bullish
Alongside strong technicals, trader positioning continues to lean bullish.
According to TapTools, over 70% of open positions on Hyperliquid and Binance are long on ADA, suggesting that the broader market expects further gains in the near term.
This confidence has been building as ADA remains above key support levels, particularly the $0.73 mark.
ADA’s price range over the last 24 hours has fluctuated between $0.7151 and $0.7536, with current levels testing the $0.78 resistance zone.
If bulls manage to flip this zone into support, analysts expect a smooth move toward higher targets in the coming weeks.
Despite the lingering distraction caused by the scam allegations, traders appear more focused on ADA’s improving fundamentals and technical posture.
Hoskinson’s blunt response may have sparked debate, but it has not shaken the conviction among ADA supporters.
The long-term ADA price outlook is optimistic
With its market cap standing at over $27 billion and a circulating supply exceeding 36 billion tokens, ADA continues to rank among the top 15 cryptocurrencies.
Analysts like StonkChris see potential for ADA to revisit the $2 level later this year, especially if broader market sentiment continues to shift risk-on.
The recent launch of Reeve, an open-source middleware platform by the Cardano Foundation, adds another layer of optimism.
The initiative aims to bridge blockchain with traditional ERP systems, reinforcing ADA’s use case in enterprise environments.
In the short term, all eyes are on ADA’s ability to hold key support levels and break through resistance with conviction.
As technicals align with market sentiment, ADA may be setting up for one of its most important moves of the year.
While controversy continues to swirl around its founder, Cardano’s price action remains strong, reminding the market that, in crypto, fundamentals often speak louder than headlines.
The post ADA price jumps as Cardano founder Charles Hoskinson responds to scam allegations appeared first on CoinJournal.
