Hoskinson Invests in American Bitcoin, ADA Market Reacts Negatively

Cardano's price dipped by 2% on November 15, stabilizing just above $0.50 after Charles Hoskinson joined American Bitcoin's $200 million funding round. Hoskinson cited the company's focus on Bitcoin mining and AI infrastructure as key investment reasons.

American Bitcoin secured a previous $220 million pre-IPO round in July.
Current round includes investors like Grant Cardone and Peter Diamandis.

Despite news of the investment, Cardano's trading metrics showed negative short-term reactions:

Cardano fell to 14th place in intraday demand with volumes down 41% to $994 million.
Open interest declined by 3% to $635 million.
The long-to-short ratio was 1.08, indicating more new long positions than shorts.

Price Analysis:

ADA is trading at $0.5075, below key moving averages, indicating a continued downtrend.
RSI near oversold levels at 34.23; bearish pressure remains strong.
Support is identified at $0.50, with a deeper pocket at $0.47.
A close below $0.50 could lead to a drop towards $0.45.
If ADA reclaims $0.53, it might recover towards $0.60.

Overall, ADA trades in a sensitive range where market sentiment and macro factors weigh heavily. Traders are focused on defending the $0.50 support level.