Cardano’s ADA token spiked by 30% in early November, reaching its highest levels since April, fueled by market speculation of a potential collaboration between Cardano founder Charles Hoskinson and re-elected U.S. President Donald Trump. After a challenging year with ADA down over 40% year-to-date through October, the altcoin has swiftly regained value, fueled by rumors linking Hoskinson to a role in shaping U.S. crypto policy in the new administration.
On Nov. 10, ADA touched $0.597, buoyed by a broader crypto rally following Trump’s election victory and speculation that Hoskinson might work with the administration on crypto policy. However, Hoskinson clarified in a YouTube livestream that, while Cardano will establish a government liaison office, there is no formal invitation to join the administration. Trump has yet to announce a dedicated cryptocurrency policy group, suggesting the ADA surge is largely speculative.
Analysts see ADA’s rally pushing its RSI into overbought territory, indicating a potential pullback in the short term, with key support expected at the $0.548-$0.489 range by month’s end. If ADA holds support and breaks through December’s $0.65 resistance, it could potentially rally to around $1.139 by early 2025, representing a possible 105% gain. Conversely, failure to maintain support above the multi-year descending trendline could lead to a retracement toward the $0.350 level.
While ADA’s price action remains speculative, its recent volatility reflects optimism about crypto’s role in the upcoming administration and Cardano’s potential involvement in shaping future policy.
Source: Cointelegraph
Photo Credits: Cointelegraph
