As a seasoned crypto investor with over a decade of experience, I have learned to navigate the unpredictable waters of the digital asset market. The rollercoaster ride that Cardano (ADA) has taken me on this year has been nothing short of exhilarating. From being one of 2024’s worst-performing cryptocurrencies to wiping out six months of losses in a single week, it’s safe to say that ADA keeps me on my toes!
In simple terms, Cardano (ADA), one of the cryptocurrencies, didn’t fare well in the year 2024, as it experienced a significant drop, losing more than 40% of its worth from January to October.
Conversely, November saw a dramatic reversal as ADA erased almost six months’ worth of losses within a single week. Currently, it is aiming to achieve over 100% growth by March 2025.
ADA booms on Hoskinson-Trump rumors
On Nov. 10, Cardano’s price rose by over 20% to return to its April high of $0.597.
The significant increases in the value of the cryptocurrency can largely be attributed to the overall surge in the crypto market, which followed the re-election of the U.S. president known for his pro-cryptocurrency stance, Donald Trump, on November 6th.
Instead, it’s worth noting that the daytime increases were primarily fueled by speculation surrounding the possibility of Charles Hoskinson, the founder of Cardano, potentially joining the Trump administration in 2025.
Despite what it may appear, it seems that’s not happening. In his recent YouTube broadcast, Hoskinson hinted at establishing an office for engaging with government representatives, yet he hasn’t spoken about accepting a formal offer to participate in a cryptocurrency policy team from the incoming Trump administration.
To date, as of November 10th, Trump hasn’t publicly declared the establishment of a specific cryptocurrency policy team yet, suggesting that the surge in the value of ADA might be primarily driven by overzealous speculation surrounding the possibility of a partnership between Hoskinson and Trump.
ADA price may double despite risks
The price surge of ADA recently has pushed its Daily Relative Strength Index (RSI) to its highest overbought point since December 2023, implying that the market might be excessively heated and may experience a period of profit-taking in the near future.
Currently, on November 10th, ADA is encountering resistance at approximately $0.599, which aligns with its 0.618 Fibonacci retracement level. If there’s a pullback, it could increase the chances of ADA moving downwards towards the area around $0.548 to $0.489 by the end of November, which coincides with potential support levels within the 0.5-0.382 Fibonacci range.
If prices move back towards the $0.548 – $0.489 price range, it would mean revisiting the long-standing downward trendline that was recently broken, as depicted in the chart below.
If the current level of support proves successful, it might signal a breakthrough and establish a foundation for continued upward movement. Under such circumstances, Cardano (ADA) could potentially challenge its 0.786 Fibonacci level, which is roughly $0.65, acting as a resistance by December.
If the price of Cardano surpasses its current level, it’s expected to trend upward and potentially reach approximately $1.139 according to the 0.618 Fibonacci retracement line, which could occur around the first quarter of 2025. This prediction implies a potential increase of about 105% in early 2025.
Instead, if the price doesn’t manage to rise above the large downward trendline resistance, it might suggest a misleading breakout and potentially cause a more significant pullback towards the upward trendline support, approximately at $0.350.
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2024-11-10 11:52