After surging 40% in the past seven days, Cardano price may be gearing up for a long-term breakout of 100%, fueled by speculation of integration with the U.S. government. Cardano is reportedly one of the few crypto networks that could be used to form a blockchain-based voting system.
ADA price has risen by 0.9% in the past 24 hours after a correction to $0.5438. Currently trading at $0.5866, ADA price action is forming a bullish continuation pattern that could result in an aggressive upside breakout.
Will the US’s adoption of electronic voting boost Cardano price?
Speculation is growing about a new U.S. voting system using blockchain technology, with Cardano (ADA) and Hedera Hashgraph (HBAR) leading the way.
President Trump and the incoming Department of Government Efficiency (DOGE) are blockchain-based voting and identity verification systems, according to former Oracle board member Sean
Neither Cardano nor Hedera have made any official statements regarding their involvement, and the source of the statements remains unverified.
Nonetheless, Cardano investors are excited about the speculation because the network’s experience with decentralized identity makes it well suited for future voting applications.
Such an advancement would go a long way toward boosting the credibility and utility of Cardano, which has long been dubbed a “ghost chain.”
Adoption of the network will boost investor interest and confidence in ADA, potentially leading to an increase in the Cardano price.
Cardano’s focus on security, scalability, and sustainability makes it a strong candidate for an e-voting solution.
Cardano founder Charles Hoskinson previously confirmed that he will work on crypto policy in Washington, D.C. in 2025.
Technical Analysis: ADA Price Poised to Rise 6-fold
Cardano price action shows a possible trend reversal after a long period of consolidation. ADA has emerged from the bottoming phase and recently broke above the $0.50 level, indicating a shift to bullish momentum.
Fibonacci retracement levels drawn from the previous all-time high and recent lows suggest potential resistance at $1.87 (38.2% retracement), $3.00 (50% retracement), and $3.81 (61.8% retracement).
Based on the measured movement of the breakout and Fibonacci projections, ADA’s next potential target could be around $3.10, which would represent a 549% (6.4x) increase from the current price.
The recent breakout was accompanied by an increase in volume, which suggests sustained buyer interest and a higher probability of continued gains. This breakout candle also shows that buyers are willing to push ADA higher from current levels.
However, the current bullish thesis might be invalidated if the bears sink the price below $0.3.
