Cardano price rises as Charles Hoskinson denies exit rumours

Cardano ADA traded higher on Friday as investors responded to fresh developments surrounding the network's leadership and ongoing technical progress.

The cryptocurrency climbed to $0.1688, marking a 0.6% gain over the past 24 hours, while trading near the upper end of its daily range between $0.1650 and $0.1697.

Although the daily move was modest, ADA has shown stronger momentum over a longer period.

The token is up 16.5% over the past 14 days and has gained 4.2% during the last month, suggesting that buying interest has remained steady despite broader market volatility.

The latest price action comes as Cardano founder Charles Hoskinson publicly dismissed rumours claiming that he was preparing to leave the blockchain project.

At the same time, developers continue to move forward with the network's roadmap through the release of Cardano Node 9.0.2, an important software update linked to preparations for the Chang governance upgrade.

Charles Hoskinson rejects claims of leaving Cardano

Speculation about Hoskinson's future with Cardano spread across social media after edited video clips and old comments were circulated without their original context.

The claims quickly attracted attention within the cryptocurrency community, leading to questions about whether the project's founder intended to step away from the network.

Hoskinson responded by rejecting the reports and stating that the rumors were false. He also denied claims that he had described Cardano as a failed project or that he was planning to retire from its development.

His response removed uncertainty surrounding the project's leadership at a time when Cardano is preparing for one of its most significant governance milestones.

Leadership-related rumours often influence short-term market sentiment in the cryptocurrency sector, especially when they involve high-profile founders who remain actively involved in development.

The clarification appears to have eased those concerns, with ADA maintaining its recent gains instead of losing the advances recorded over the past two weeks.

ADA holds recent gains despite long-term weakness

Cardano's latest recovery has lifted the token close to the top of its 24-hour trading range.

Over the past week, ADA traded between $0.1639 and $0.1997, highlighting the increased price swings seen across the market.

Trading activity also remained active, with 24-hour trading volume reaching approximately $325.9 million, indicating continued participation from buyers and sellers during the recent move.

Even with the latest rebound, ADA remains well below previous record levels.

The cryptocurrency continues to trade about 94.5% below its all-time high of $3.09, which was reached in September 2021.

At the same time, it remains significantly above its historical low of $0.01925, recorded in March 2020.

Recent price performance nevertheless points to improving short-term momentum.

The MACD signal and main lines have risen significantly and are approaching the positive side, even as the histogram shows some cooling.

With uncertainty surrounding the project's leadership addressed, eyes are on whether Cardano (ADA) can build on its recent performance as work on the Chang upgrade nears completion.

If the cryptocurrency reclaims the 10-day and 20-day EMAs, then the next target will be the 50-day EMA.