The Cardano price has risen by 4.5% in the past 24 hours, with its move to $0.8939 coming after founder Charles Hoskinson tweeted that a long-awaited audit report is almost ready.
The report addresses claims that Input Output – the primary developer for Cardano – effectively embezzled 318 million ADA following the 2021 Allegra hard fork, claims which Hoskinson vigorously denied in May, when they first emerged.
The approach of the report – which Hoskinson has promised to read via a livestream – has helped to boost the Cardano price, which is also up by 17% in a week and by 53% in a month.
And with its native platform also continuing to enjoy steady development and growth, the clearing up of a would-be scandal should provide for a very positive long-term Cardano price prediction.
Cardano Price Prediction: Hoskinson Preps Explosive Audit Amid $600M Scandal – Could This Be a Bullish Setup in Disguise?
Back in May, NFT artist Masato Alexander and others levelled accusations that Input Output used the Allegra hard fork to redirect ADA to its own wallets.
While these accusations didn’t seem to have much effect on the Cardano price at the time (since it rose from $0.679 on May 7 to $0.825 on May 12), Hoskinson was quick to respond, posting a strong rebuttal that same month.
The Cardano founder promised an audit of the hard fork, writing at the time that BDO would be conducting it, and now it seems that the audit is very close to completion.
As yesterday’s tweet makes clear, Input Output are working towards a “mid-August release,” with Hoskinson vowing to read “the entire report via a livestream,” while a “dedicated website will host it.”
This seems to have had a galvanizing effect on the Cardano price, and once the audit does appear, the altcoin could rise even further.
Looking at its chart today, its current rally may be close to peaking, given that its indicators are moving into overbought positions.
Most notably, its relative strength index (yellow) has crossed 80 today, so arguably it’s not far from correcting.
On the other hand, its MACD (orange, blue) has not quite reached the peaks it recorded in late November and early December, so we may have a few more days until ADA corrects.
Having said, that the altcoin remains 71% down on its ATH of $3.09 (set in September 2021), so it’s arguably still oversold and undervalued in the longer term.
As such, the release of the audit in August could be a catalyst for further gains, with Cardano’s growth as a layer-one helping to push the coin’s price up to $1.50 or even $2 by the end of the year.
If Cardano is a bit too slow-and-steady for some traders, they may prefer to diversify into new alts, which can usually display more volatility (both positive and negative).
This is particularly the case with presale coins, which in generating momentum during their sales can often enjoy big listings.
One presale coin that’s currently having a good sale is TOKEN6900 (T6900), an ERC-20 crypto that has now raised over $900,000 in its sale.
TOKEN6900’s presale has been running for only a few weeks, so its total raise so far is a strong sign of its future potential.
The project has styled itself after the dot-com bubble of the late 90s and early 2000s, with its social channels and website adopting retro graphics and irreverent sense of humor.
Unlike certain meme coins that attempt (often vainly) to give themselves fundamentals (e.g. Shiba Inu), TOKEN6900 is selling itself as a ‘pure’ meme coin, with no utility or use case.
Instead, it aims to generate a following based on marketing, hype and the fear of missing out, and so far this tactic seems to be working.
The T6900 token will have a max supply of 930,993,091, with holders able to stake the coin to earn themselves a passive income.
This could make the coin profitable hold, with investors able to buy it during its presale by going to the TOKEN6900 website.
They can currently buy T6900 at the price of $0.00665, although this will rise again tomorrow, so new buyers should hurry.
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