Cardano Price Rises After Rumors of Collaboration Between Cardano Founder and Trump
2024-11-11
Bittime - After slumping throughout this year, Cardano (ADA) experienced a significant price spike in November 2024.
Rumors about a possible collaboration between Cardano founder Charles Hoskinson and the incoming Trump administration were one of the main triggers for the increase in the price of the $ADA token. Read this article to find out more!
Cardano Price Rises After Year-Round Underperformance
This year, Cardano was one of the cryptocurrencies with the worst performance. As of October, the $ADA token had lost more than 40% of its value since the start of the year.
However, in the first week of November, the price of Cardano rose and managed to erase the losses of almost six months earlier.
This increase puts the $ADA token back at its highest price since April 2024, namely at $0.597 on November 10. Cardano also has the potential to record an increase of more than 100% in early 2025.
Read Also: Vertus Daily Combo 11 November 2024, Choose These 4 Cards!
Cardano Founder-Trump Collaboration Rumors, Cardano Price Rises
One of the main causes behind Cardano's price spike is the rumors circulating about a potential collaboration between Charles Hoskinson and the Donald Trump administration.
Trump's victory in the 2024 US election raises expectations for pro-crypto policies. Rumors that Hoskinson might collaborate with the Trump administration created additional optimism among investors.
However, Hoskinson has clarified via a live broadcast on YouTube that he has not received an official invitation from the Trump administration regarding the formation of a crypto policy.
He only mentioned plans to build an office to interact with government officials. Even so, this rumor still managed to push Caradano's price up significantly in one day.
Cardano Price Rises, Potential Price Surge Until 2025
With the price of Cardano rising, many analysts predict that the $ADA token still has a chance to continue this positive trend, but may experience a correction in the near future.
On November 10, ADA's Relative Strength Index (RSI) indicator showed an overbought level, indicating potential profit-taking by investors in the next few days.
Currently, the ADA token is testing the resistance level at around $0.599 based on the 0.618 Fibonacci retracement level. In the event of a decline, there is a possibility that ADA price will correct towards the $0.548 to $0.489 range by the end of November.
This level also serves as a test for the descending trend line that was broken previously. If the price stays at this level, Cardano price may continue the positive trend.
Read Also: Palapa Token Wants to List, Find Out About PLPA's Tokenomics and Roadmap Here!
How to Buy Crypto di Bittime
Want to trade sell buy Bitcoins and crypto investment easily? Bittime is here to help! As an Indonesian crypto exchange officially registered with Bappebti, Bittime ensures every transaction is safe and fast.
Start with registration and identity verification, then make a minimum deposit of IDR 10,000. After that, you can immediately buy your favorite digital assets!
Check the exchange rate BTC to IDR, ETH to IDR, SOL to IDR and other crypto assets to find out today's crypto market trends in real-time on Bittime.
Disclaimer: The views expressed belong exclusively to the author and do not reflect the views of this platform. This platform and its affiliates disclaim any responsibility for the accuracy or suitability of the information provided. It is for informational purposes only and not intended as financial or investment advice.
