Cardano (ADA) founder Charles Hoskinson believes the coin is poised for a major liftoff once the bull cycle begins.

On Thursday, Hoskinson commented on the growing potential for a significant surge in ADA's price, following a chart analysis by investor Rick McCracken.

Crypto traders are now anticipating a major breakout for Cardano, as the coin is showing signs of a strong uptick.

Investor Rick McCracken took to X, formerly known as Twitter, to highlight the growing potential for a significant surge in ADA. Displaying ADA’s price chart, which showed a strong increase on Thursday, McCracken suggested that the coin is primed for a substantial price increase. He described ADA as being on the verge of a “face-melting rip.”

“This is a coin about to melt faces. Still can’t believe we hit 100k with clean 5w lows,” he added.

McCracken’s comments come after Bitcoin price touched the $100,000 mark for the first time since February.

Chart showing Bitcoin price hitting $100k.

The investor noted that Bitcoin price could not close a weekly candle above the $100,000 mark, which could be a point of concern for those anticipating a sustained breakout.

“We’ll see if it can hold and close above 100k. Would be a bummer if we get another week like last week with a close below.”

McCracken’s analysis and observations highlight the dynamic and volatile nature of the cryptocurrency market, where even minor price movements and technical levels can be the subject of keen interest and discussion among traders.

Meanwhile, Cardano founder Charles Hoskinson had an interesting take on McCracken’s post. Reacting to the post, Hoskinson added that the bull market hasn’t even started yet.

His comments come as ADA price rose sharply Thursday amid a broader rally in the crypto market.

"and the bull market hasn't even started yet"

However, a new Cardano price risk model suggests that the bull market for ADA is still in its early stages.

Despite early-stage bullish indicators, the model implies that Cardano’s market has not yet entered its full bull run.

On Wednesday, Dan Gambardello, the founder of Crypto Capital Venture, provided a deeper analysis of ADA’s market conditions using his proprietary risk model. According to the model, ADA’s Long-Term Risk Score currently stands at 37, categorizing it as a “Moderate Buy.”

The analyst highlighted that while the price has increased by 37% historically, this suggests the bull market for Cardano is yet to begin. The risk model classifies ADA’s risk level as moderate, which is favorable for investors looking to enter the market early in the cycle.

“It’s not that there is a lot left of the Cardano bull market. It’s that the Cardano bull market hasn't even started. Brand new CCV ADA risk model looking primed. Still early in the cycle with moderate risk and a lot more gains to come,” Gambardello wrote.

According to the model, a risk score of zero indicates a high-risk coin in a bear market, while a risk score of 100 indicates a low-risk coin in a bull market.

The model factors in various metrics, including the coin’s age, all-time high, and market capitalization rank, to assess the relative risk and potential for further price appreciation.

The post Cardano (ADA) Bull Market ‘Hasn’t Even Started,’ Warns Charles Hoskinson appeared first on OpenChain.

As always, do conduct your own research before investing in any cryptocurrency. Cardano is a promising project with a strong community and a focus on sustainability and social impact. However, like any investment, there are risks involved, and it is crucial to make informed decisions based on your own financial goals and risk tolerance.

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