Charles Hoskinson discusses Cardano and Bitcoin adoption, ADA surges

Cardano is advancing Bitcoin DeFi integration through Hydra and Aiken, while its native token ADA shows signs of recovery.

Cardano plans to combine Hydra with Bitcoin Lightning to build a trustless bridge for Bitcoin DeFi.

Aiken programming language will enable cross-chain scripting between Bitcoin and Cardano.

ADA has rebounded 1.5% to $0.673 after falling below the key $0.664 support level on March 31.

Cardano founder Charles Hoskinson recently revealed bold plans to integrate Bitcoin into the DeFi space. In a recent interview, Hoskinson said that fiduciary responsibilities will force institutional investors to explore Bitcoin-based DeFi solutions.

The Cardano founder expects large institutions to enter the Bitcoin DeFi space within three years, and Cardano's unique infrastructure will help this process. He emphasized that a Bitcoin ETF that provides DeFi returns can increase shareholder demand.

Hoskinson explained that Cardano aims to bridge the gap between Bitcoin and DeFi by combining its Hydra scaling solution with the Bitcoin Lightning Network. This creates a trustless, recursive bridge between the two ecosystems.

In addition, Hoskinson said that the Aiken programming language of the Cardano network will allow developers to write Bitcoin and Cardano scripts. He also talked about Cardano’s collaboration with Maestro, an infrastructure provider that specializes in Bitcoin integration with UTXO-based blockchains, to ensure a seamless user experience.

Notably, while Hoskinson admitted that Bitcoin DeFi is still in its early stages, he assured that steady progress is being made. He believes that Cardano’s DeFi framework can propel Bitcoin into new areas of utility.

Hoskinson’s goal is to enable Bitcoin holders to interact with DeFi applications using only BTC. He claims that this innovation could surpass Ethereum as well as Solana’s comprehensive DeFi ecosystem.

ADA Price Outlook

Meanwhile, Cardano’s native coin ADA has seen a 1.5% price increase after a rough patch. After falling 10% in a week, ADA fell below the key $0.664 support level on March 31. However, it has since shown signs of recovery, climbing to $0.673.

The coin remains the ninth-largest cryptocurrency with a market cap of $23.74 billion, according to data from CoinMarketCap.

On the daily ADA price chart, the RSI is hovering around 42, indicating neutral momentum but leaving room for potential upside.

The Bollinger Bands show that ADA recently touched the lower Bollinger Band, suggesting a possible reversal if buying pressure increases. If the coin manages to break above the middle band (20-day SMA), traders could see a breakout to $0.72.

Meanwhile, the MACD has a slight bearish crossover, suggesting caution in the short term. Immediate resistance is found near $0.685, while strong support is found at $0.650.

Bullish Pattern Spotted

Popular crypto analyst Rjt Wagmi recently noted on X that ADA appears to have formed an ABCDE triangle pattern on the 6-hour price chart, which suggests a major breakout could be imminent.

He explained that the “C” wave is currently in play, and if the pattern holds, ADA could bounce off the key 0.5-0.618 Fibonacci Retracement area, setting the stage for the final “D” and “E” waves.

If the pattern is validated, ADA could rise to $1.50 in the coming weeks, Wagmi said.