Originally published on: November 10, 2024
Cardano had a rough start in 2024, being one of the worst-performing cryptocurrencies with a 40% drop in value by October. However, November brought a dramatic turnaround as ADA erased six months of losses in just one week, setting its sights on over 100% gains by March 2025.
On November 10, Cardano’s price soared over 20% to reach $0.597, matching its April high. This surge was part of a larger crypto market rally following the re-election of pro-crypto US presidential candidate Donald Trump on November 6.
Rumors swirled that Cardano founder Charles Hoskinson could collaborate with Trump’s administration in 2025, fueling further excitement in the market. However, Hoskinson clarified in a recent YouTube livestream that while they plan to engage with government officials, there has been no formal invitation to join the administration.
As of November 10, ADA’s price was at overbought levels, indicating a potential pullback in the near future. It is currently testing resistance at $0.599, with a likely retracement to $0.548-$0.489 range by the end of November.
If ADA manages to hold support at this level, it could pave the way for further gains, potentially reaching $1.139 in the first quarter of 2025. However, a failure to break above resistance levels may lead to a deeper retracement toward $0.350 support.
This article serves as informational content and does not offer investment advice. Risk is inherent in all trading decisions, and readers are encouraged to conduct their own research. Stay informed with the latest market insights by subscribing to the Markets Outlook newsletter.
