ADA's value surged over 20% following Donald Trump's reelection, indicating strong market confidence.
The cryptocurrency touched April highs, fueled by rumors of Hoskinson’s role in the new administration.
Technical analysis suggests ADA might hit $1.139 by early 2025, marking a potential 105% increase.
Cardano's ADA cryptocurrency has witnessed a remarkable turnaround this November. After a challenging year that saw a 40% decline in value, ADA has rapidly erased six months of losses in just one week. The sudden upswing in ADA’s market performance coincides with the broader crypto market rally following Donald Trump's reelection. The market's optimism seems pegged not only to Trump's crypto-friendly stance but also to speculative rumors surrounding Cardano founder Charles Hoskinson.
Rumors Fuel Intraday Gains
The notable rise in ADA's price on November 10 was significantly influenced by hearsay that Hoskinson might join the Trump administration in 2025. While the Cardano founder did express intentions to open an office for liaising with government officials during his recent YouTube livestream, he confirmed that he had not received a formal invitation to participate in any official crypto policy group. Thus far, the Trump administration has not announced any plans to establish a dedicated cryptocurrency policy team, suggesting that the ADA price pump may have been driven by excessive market speculation.
https://twitter.com/blocknewsdotcom/status/1855484595463979497
Technical Outlook and Future Predictions
Technically, ADA has reached a critical juncture. As of November 10, it is testing the 0.618 Fibonacci retracement level at around $0.599, acting as a resistance. A potential pullback could see ADA drop towards the $0.548-$0.489 range by the end of November, aligning with a retest of a recently surpassed multi-year descending trendline. However, sustaining support at this level could set the stage for further advances, potentially propelling ADA to test the 0.786 Fibonacci line at approximately $0.65 by December. If ADA successfully breaks above this threshold, it could target a substantial 105% rally, reaching around $1.139 in the first quarter of 2025.
