Originally published on: November 10, 2024
The cryptocurrency market has been abuzz with excitement as Cardano ADA experiences a remarkable 30% surge in its price. After facing challenges as one of the worst-performing cryptocurrencies of 2024, ADA has managed to wipe out six months of losses in just one week. With eyes set on achieving over 100% price gains by March 2025, ADA is on a path to redemption.
On November 10, Cardano’s price skyrocketed by over 20%, reclaiming its April high of $0.597. This sudden surge is part of a broader crypto market rally following the re-election of pro-crypto US presidential candidate Donald Trump. Rumors have been circulating about Cardano founder Charles Hoskinson potentially joining the Trump administration in 2025, leading to speculation-driven price movements.
Despite the speculation, Hoskinson clarified in his latest YouTube livestream that while they plan to establish an office for government interactions, there has been no formal invitation to join a crypto policy department. The surge in ADA’s price has pushed its daily relative strength index (RSI) to overbought levels, hinting at a possible correction in the near future.
Technical analysis suggests that ADA is currently testing key resistance levels and may experience a pullback towards the $0.548-$0.489 range. However, a successful hold at this level could confirm a breakout and pave the way for further upside momentum. If ADA manages to breach the resistance levels, it could head towards significant price targets in the coming months.
As always, it’s essential for investors to conduct their own research and due diligence before making investment decisions. The cryptocurrency market is volatile, and risks are inherent in trading. Stay informed and strategic in your approach to maximize opportunities in this dynamic market.
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