ADA price has risen 30%. This has sparked rumors that Cardano founder Charles Hoskinson might be working with Donald Trump in the next administration.
The price of Cardano’s cryptocurrency, ADA, has surged by 30% recently, exciting the crypto community. This unexpected rally has sparked rumors about a possible collaboration between Cardano’s founder, Charles Hoskinson, and former President Donald Trump. As speculation grows, ADA’s price could rise even more in the future. Could this be the beginning of a new chapter for Cardano and its founder?
ADA Eyes Major Gains After Election-Driven Rally: ADA price
On November 10, ADA’s price went up by more than 20%, reaching $0.597, its highest since April. This increase is part of a larger market rally that followed Donald Trump’s reelection as a pro-crypto president on November 6. But the price increase wasn’t just due to politics. Many are speculating that Cardano’s founder, Charles Hoskinson, may be working with Trump and could even join his crypto policy team in 2025.
Hoskinson, known for his outspoken views on blockchain and cryptocurrency, fueled these rumors with comments during his recent YouTube livestream. In the session, he mentioned plans to set up an office to engage with government officials, though he made it clear that he had not received any formal invitation to join Trump’s upcoming administration. Despite these clarifications, the rumors of a Hoskinson-Trump collaboration persisted, leading to a surge in ADA’s price.
A Look at the Current ADA Market Trends: ADA price
ADA price: Cardano (ADA) had a tough year until November. It lost more than 40% of its value. But suddenly, in November, its price started to rise. This is surprising because it had been falling for a long time. In just one week, ADA has recovered almost all the losses it had made in the past six months. This means that by early 2025, ADA could potentially double in value.
The speculation surrounding Hoskinson’s possible involvement with the Trump administration is likely a key driver of this price movement. Trump supports pro-crypto policies, and the idea of Charles Hoskinson, a blockchain leader, working with him has excited investors. This has sparked a lot of optimism in the market.
ADA Price Forecast: Could It Double in Early 2025?
The recent ADA rally is based on speculation, but Cardano’s future looks promising. The technical outlook is still positive. ADA’s price has now broken above a multi-year resistance trendline, suggesting that the cryptocurrency could be poised for significant gains in the near future.
As of November 10, ADA was testing its 0.618 Fibonacci retracement level around $0.599, which serves as a critical resistance zone. If ADA breaks above this level, it could move toward the next Fibonacci level at about $0.65. This could happen in the short term.
If ADA manages to hold support at its recently breached resistance trendline and continues its bullish momentum, the cryptocurrency could see a rally toward the $1.139 level by the first quarter of 2025, representing a potential 105% increase from current prices.
Risks and Challenges Ahead for ADA: ADA price
ADA price: Even though ADA is doing well now, there are still risks. Its price has risen too quickly. which might lead to a temporary price drop. Traders should be ready for this possible price correction in the next few days.
If ADA’s price drops, it could reach the $0.548 to $0.489 range. This is an important level because ADA recently broke out of a long-term downtrend here. If the price holds at this level, it would confirm the breakout and ADA could keep rising. But if it doesn’t hold, ADA could fall further to around $0.350.
ADA price: Cardano’s recent 30% price surge has injected new life into the ADA market, with rumors of a potential partnership between founder Charles Hoskinson and former President Donald Trump fueling investor excitement. The speculation is still unconfirmed, but ADA’s price rise shows renewed hope for the cryptocurrency. This is especially true after Trump’s reelection and his support for crypto.
With technical indicators pointing to further upside potential, ADA could be on the cusp of a major breakout in early 2025. Investors should be cautious of potential short-term drops and profit-taking as the market reacts to political and technical changes. It’s unclear whether this rally will last or if ADA will reach its full potential in the coming months.
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