30s Summary

Cardano (ADA) rebounded in November 2024 after a rough period, nearly cancelling out a nearly half-year loss in a week and on track to potentially double its price by March 2025. The cryptocurrency’s surge came after rumors circulated about Cardano’s founder, Charles Hoskinson, possibly joining the Trump administration. Despite this price increase, ADA might face a pullback to the $0.548-0.489 range by the end of November, reintroducing the possibility of a larger drop. Still, if supported at this level, ADA’s price could reach approximately $1.139 by early 2025, a significant 105% rise.

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Cardano (ADA) had a rough time in 2024, with its value plummeting by over 40% until October. But things took a turn for the better in November, bouncing back and cancelling out almost half a year’s losses in a week. It’s now on track to double its price by March 2025.

Let’s talk about why ADA’s value shot up so unexpectedly. On November 10th, Cardano’s price jumped more than 20%, getting back to its April peak of $0.597. Now, this increase isn’t just random. It’s mainly because the whole cryptocurrency market has been on a rally since the re-election of US President Donald Trump, who is a known supporter of cryptos, on November 6th.

But there’s more to it. Rumors started doing the rounds that Cardano’s founder, Charles Hoskinson, might join the Trump administration in 2025, which sent ADA’s price soaring. But hold your horses. In a recent YouTube live stream, Hoskinson mentioned they’d be setting up an office to deal with government officials, but there was no word about an official invite to join Trump’s crypto team.

Trump hasn’t officially announced a dedicated cryptocurrency group yet. So, the pump in ADA’s price is probably down to speculation about a possible hookup between Hoskinson and Trump.

So, what’s next for ADA? Despite the high risks, its price might soon double. Its rapid price hike has taken its relative strength index (RSI) to its highest level since December 2023, meaning that its market is red hot and might cool down soon.

As of November 10th, ADA was challenging its 0.618 Fibonacci retracement level at around $0.599. It might pull back, increasing its chances of dipping to the $0.548-0.489 range by the end of November. This could lead to another test of the recently broken multi-year decreasing trendline.

If it finds support at this level, ADA could keep increasing in price. By early 2025, ADA’s price could climb to around $1.139, which is a massive 105% rise. But if it falls below the giant decreasing trendline, it might lead to a bigger drop towards the $0.350 support line.

Remember, investing in crypto is risky, and you should always do your own research before making any decisions.