Cardano’s Charles Hoskinson hinted at a Trump collaboration
The Cardano (ADA) price increased by 75 last week.
How long until ADA can reach a new yearly high price?
The Cardano price has struggled in 2024. After reaching its yearly high in March, the price began to decline and fell to a low of $0.27 in August. However, it began an upward movement afterward, greatly accelerating in November.
Positive Cardano news regarding a collaboration with U.S. President-elect Donald Trump made the rally parabolic on Nov. 10. The ADA price now trades at its yearly open.
Let’s analyze the ADA price action in different time frames and see if the upward movement will continue.
It’s clear I’m going to be involved influencing policy in USA, legislative options, potential executive. I’ve met with Senator Scott and Wyden and continue to be in contact with the administration, Senate, and Congress
However, not everyone is convinced. Market analyst Sean Mackey believes this is just an exit pump engineered by Hoskinson. He suggests the wording was tactical enough to allow for a market reaction without making any promises.
On Nov. 10, ADA reached a high of $0.66, the highest price in 217 days. Despite the increase, ADA did not close above the $0.58 horizontal resistance area. This is a critical level since it has acted as resistance since May 2022, except for a deviation in March (black circle).
While the yearly high of $0.81 could provide minor resistance, the next pivotal resistance is at $1.20, 112% above the current price.
Technical indicators are bullish. Both the Relative Strength Index (RSI) and Moving Average Convergence/Divergence (MACD) generated bullish divergences (green) before the upward movement.
They are above 50 and 0, respectively, suggesting that the future ADA trend is bullish.
What’s Next?
The daily time frame ADA wave count shows the price starting wave three in a five-wave increase (black) in August. If so, it is currently in sub-wave three (yellow), often the most rapid portion of the increase.
For the long-term movement, the entire increase could either be part of wave C (white) or another five-wave increase.
In any case, the ADA price is likely to increase to at least $0.88, giving waves A and C the same length. This would be a new yearly high.
On the other hand, if the increase is part of another five-wave upward movement, Cardano will likely reach the next long-term horizontal resistance at $1.20.
The Cardano price increased significantly after rumors of a collaboration with Trump.
The ADA price outlook is bullish in multiple time frames, and an upward movement leading to a new yearly high is likely. The next target for an increase will be at $1.20.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Valdrin Tahiri is a cryptocurrency analyst and reporter at CCN, specializing in technical analysis with a focus on Elliott Wave theory, on-chain metrics, and fundamental research. He brings over seven years of experience in the crypto space as both a trader and writer.
He discovered cryptocurrencies in 2017 while earning his MSc in Financial Markets at the Barcelona School of Economics, which sparked a deep interest in blockchain and market dynamics. Since then, he’s contributed to top crypto outlets like BeInCrypto and CoinGape.
Valdrin also served as Community Manager of BeInCrypto’s Telegram group for three years, helping grow it into one of the largest crypto communities worldwide. His expertise in market structure and price patterns allows him to break down complex trends into clear, actionable insights.
He’s published thousands of articles covering altcoins, Bitcoin cycles, and macro trends.
