• Charles Hoskinson plans to make an announcement that might help out ADA.
• The hype surrounding the announcement could reflect in the ADA price.
• ADA is currently trading at $0.4204 after a 1.28% drop in price.

Throughout the crypto winter of 2022, Cardano (ADA) was one of the cryptocurrencies that really suffered, and the altcoin has been in a prolonged downtrend over the last few months. Now, there is some light at the end of the tunnel as Charles Hoskinson plans to make an announcement that might help out ADA.

Later this month, Cardano’s parent group Input Output Global (IOG) is conducting an IO Scotfest. This event plans to not only showcase the communitie’s achievements, but will also share the vision for Cardano in the future.

Although some die-hard Cardano fans have been trying to milk the announcement from Hoskinson, he is adamant that it will only be revealed at the Edinburgh event on November 18.

On the bright side, the excitement surrounding the mysterious announcement has been creating some hype in the community, and many believe that this will be reflected in the price of ADA in the coming days.

When looking at ADA’s chart, we see that the crypto is already trading at the 100 and 200-day moving averages. If the altcoin is able to break out above this, it could lead to a strong price rally for ADA.

Cardano / US Dollar 1D Source: Binance

According to CoinMarketCap, ADA is currently trading at $0.4204 after a 1.28% drop in price over the last 24 hours, and after reaching a high of $0.4362 over the same time period. Despite the crypto being down over the last day, ADA is still up by about $0.76% over the last week.

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