- Charles Hoskinson’s remarks sends ADA soaring to 6-month highs.
- However, ADA’s state pointed to an impending correction.
As a seasoned researcher who has witnessed numerous crypto market fluctuations, I can confidently say that Cardano’s [ADA] recent surge to 6-month highs is nothing short of remarkable. While Charles Hoskinson’s ambitious plans for U.S. crypto regulations undeniably played a significant role in this rise, it’s important not to overlook the broader market conditions and technical analysis.
After experiencing a significant setback following the market-wide dip in April, Cardano [ADA] has shown a striking resurgence.
Over the past week, the altcoin has soared following Bitcoin‘s [BTC] impressive rise. This upward trend has propelled the altcoin to reach new heights, boosting its weekly profits by an impressive 77%.
Over the course of the weekend, the value of ADA reached an approximately $0.65 high, which was its highest since April. Currently, it’s being exchanged at about $0.58 on the dollar, representing a roughly 2% increase over the past day, according to CoinMarketCap.
However, what prompted this sudden rise?
ADA’s rise, Charles Hoskinson’s ambition
Notably, a spike was observed in ADA’s value following Charles Hoskinson, the co-founder of Cardano, announcing new strategies to foster and influence the development of U.S. cryptocurrency regulations.
In a recent video posted on X, he shared his commitment to,
Collaborating with legislators in Washington D.C., as well as officials within the government, to encourage dialogue and smooth decision-making processes regarding cryptocurrency policies, involving other influential figures in the sector.
Crypto policy: By Americans, for Americans
Cardano’s creator, Hoskinson, highlighted the possibility of significant political changes, pointing out that there’s a strong likelihood that the Republicans might capture the Senate, White House, and House of Representatives. This scenario would offer a distinct opportunity for the cryptocurrency sector to secure regulatory certainty.
The executive underscored the significance of U.S. interests, particularly the local cryptocurrency sector and legislators who are advocates, in influencing these regulations.
Additionally, he unveiled intentions to establish a policy center at Input-Output’s main offices by early 2025, with the aim of participating in policy development and working alongside influential figures.
According to Hoskinson, the goal is to draft a bill with input from both political parties. This legislation aims to establish clear distinctions between securities and commodities, thereby offering enhanced clarity and certainty in operations for companies dealing with cryptocurrencies.
Exec weighs in
Expanding upon Hoskinson’s forward-thinking mindset, Sheldon Hunt, who heads the Cardano Ecosystem at EMURGO, shared insights on platform X.
“The future is Cardano. The future is Bitcoin. The future is crypto.”
The recent remarks come after Donald Trump’s reentry to the White House. Known for his support of cryptocurrency-friendly policies, Trump has vowed to establish more transparent rules for the sector.
In line with these strategic moves, the network experienced a substantial surge in engagement. According to Santiment’s data, the number of daily active addresses jumped by an impressive 133.36% within the last 24 hours.
The social volume also jumped by 106.67%. These metrics point to a growing interest and participation in the Cardano ecosystem.
Is a pullback on the horizon?
It’s worth mentioning that due to its recent surge, Cardano (ADA) has made it into the list of top performers over the past week. AMBCrypto examined the daily chart and found that since early August, it has been fluctuating between approximately $0.31 and $0.40.
Additionally, from October onwards, the price stayed beneath the $0.36 median line until a fresh surge propelled it over the top boundary, reaching approximately $0.61.
Consequently, the Relative Strength Index (RSI) reached the overbought zone, reading 84.74 at present. This suggests that a possible price adjustment could occur.
Read Cardano’s [ADA] Price Prediction 2023-24
Furthermore, the 50-day Exponential Moving Average (represented by [blue]) and the 100-day Exponential Moving Average (indicated by [yellow]), intersected in such a way that they created what is commonly known as a “golden cross.” This event is often interpreted as a positive or bullish signal.
If there’s a reversal, holding the $0.40 floor is vital. Dropping beneath it might change the direction to a more bearish trend and possibly cause additional drops.
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2024-11-11 16:08