Cardano’s Price Soars Amid Trump-Hoskinson Rumors

ADA’s price reached $0.597 on November 10th, a high it hadn’t seen since April.

But this surge isn’t just because of the rumors. It also comes after a broader rally in the cryptocurrency market following Trump’s reelection on November 6th. Let’s discover more about how these news are affecting Cardano’s Price.

Cardano had struggled throughout 2024, losing over 40% of its value by October. However, November has brought a major turnaround, with ADA recovering nearly six months of losses in just one week. This swift rebound has led many to speculate that ADA could rise by over 100% by March 2025.

The rumor mill started churning when reports suggested that Hoskinson could join Trump’s administration in 2025. This will possibly help to shape the U.S. government’s stance on cryptocurrency. In a livestream, Hoskinson addressed these rumors, mentioning that he would be setting up an office to work with government officials. However, he didn’t confirm any formal invitation to join a crypto policy department under the upcoming Trump administration. As of now, Trump hasn’t announced a dedicated crypto policy group either, making it likely that ADA’s price jump was fueled by speculation rather than solid news.

JUST IN: Cardano $ADA founder @IOHK_Charles confirms he will be working with the Trump Administration in 2025 🚀 pic.twitter.com/xT3ev3dZP9

— BlockNews (@blocknewsdotcom) November 10, 2024

Despite the excitement, there are still risks involved. ADA’s recent price surge has pushed its daily relative strength index (RSI) to its highest levels since December 2023, suggesting the market might be overheating. This could mean a pullback is coming, with ADA possibly falling to the $0.548-$0.489 range by the end of November. If it holds support at that level, it could set the stage for further gains, and ADA might even reach $0.65 by December.

More About Cardano

Looking further ahead, if ADA continues to rise, it could test a key price point of $1.139 in the first quarter of 2025, representing a 105% gain. However, if the price fails to hold above its recent breakout level, ADA could experience a significant drop back toward $0.350.

Is $20 $ADA possible this cycle?

Marketcap of $ADA would be 700b at $20.
ETH reached 560b last cycle.

There are 2 important factors that could send $ADA to that price:

1. Bitcoin holders start investing heavily in Cardano Ecosystem after it became Bitcoin’s L1 for smart… https://t.co/OkkPUGbBOx pic.twitter.com/hfZmfdj599

— Sssebi🦁 (@Av_Sebastian) November 9, 2024

In short, while ADA’s price surge is exciting, investors should be cautious. It’s clear that Cardano has a lot of potential, but as with all investments, “don’t count your chickens before they hatch.” If the market cools off, ADA could face a bumpy road ahead, but if it keeps pushing forward, it might just hit new highs.

Disclaimer

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