- Cardano’s ADA surged 30%, reclaiming April highs amid Trump’s re-election and market optimism.
- Rumors link Cardano founder Charles Hoskinson to the new administration, though no formal role is confirmed.
- ADA could double in price by early 2025 if key support levels hold.
Cardano (ADA) has rebounded significantly in November, recouping six months of losses in just one week and showing potential for further growth. The cryptocurrency surged over 30% on Nov. 10, reaching $0.597, its highest since April, following a broader market rally sparked by the re-election of pro-crypto candidate Donald Trump. Market speculation further fueled ADA’s rise, with rumors suggesting that Cardano founder Charles Hoskinson could play a role in the upcoming administration.
Hoskinson, however, clarified in a YouTube livestream that he has no formal invitation from Trump’s team but mentioned plans to establish a government outreach office.
Overheated Market Conditions Suggest Potential ADA Pullback
As ADA reaches overbought territory, technical indicators signal a potential short-term correction. Cardano’s daily relative strength index (RSI) reached its highest since December 2023, which could prompt profit-taking among investors. ADA is currently testing the 0.618 Fibonacci retracement level at around $0.599, with a possible pullback toward the $0.548-$0.489 range.
This retracement area, marked by the 0.5-0.382 Fibonacci levels, coincides with ADA’s recently breached descending trendline. Analysts suggest that successful support at this level could establish a base for further growth.
Source: Charles Hoskinson Livestream
Potential for 100% Gains in Early 2025
If ADA holds above its current support, it may test resistance near $0.65 by December. A breakthrough could push Cardano toward the 0.618 Fibonacci line, around $1.139, by March 2025, representing a possible 105% gain. However, failure to maintain support above the descending trendline may lead to a deeper retracement toward $0.350, signaling a false breakout.
