Date: Sun, Nov 10, 2024, 08:48 AM GMT
The cryptocurrency market is on a parabolic upswing, fueled by Bitcoin (BTC) reaching new all-time highs following Donald Trump’s victory in the U.S. elections on Nov 5. Today, Bitcoin hit a fresh peak at $79K, sparking a bullish momentum across major altcoins. Among these, Cardano (ADA) has seen impressive gains, surging 32% and recording a rally of over 70% in just the past week.
Major Developments
1.Charles Hoskinson Joins Trump Administration as Crypto Advisor
Charles Hoskinson, Cardano’s founder, recently announced that he’s joining Donald Trump’s administration as a cryptocurrency advisor. Through Input Output Global (IOG), he aims to craft a regulatory framework to bring clarity to the crypto industry, which has been in a regulatory grey area for years.
Hoskinson emphasized, “this is the best chance we’ve ever had in the history of the industry to get clarity.” Hoskinson’s plan includes forming a policy team within IOG, set to launch in early 2025, to work on a policy agenda that aligns with the Financial Innovation and Technology for the 21st Century Act (FIT21) and the Responsible Financial Innovation Act (RFIA). This team will collaborate with Congressional leaders to push for bipartisan legislation defining cryptocurrencies, distinguishing them from securities and commodities.
2.Cardano TVL Surge
Cardano’s Total Value Locked (TVL) has jumped by more than 60% in the past five days, reaching a total of $332 million, a strong sign of increasing interest and confidence in the network.
3.Trading Volume Spike
Trading volume for ADA has surged by over 118% in the last five days, reflecting heightened trading activity and investor interest in Cardano.
Technical Outlook
Cardano (ADA) is currently trading at $0.5787, and it’s testing a key resistance zone between $0.56 and $0.61. Breaking through this range could open the path for ADA to target higher resistance levels at $0.83 and potentially $1.24, where additional selling pressure may appear.
On the downside, ADA has a support level around $0.34. This zone may act as a strong cushion for buyers if the price faces a pullback, helping to stabilize ADA’s value in case of short-term corrections.
Is More Rally Ahead?
Given the recent surge in Cardano’s price, TVL, and trading volume, coupled with the bullish developments from Hoskinson’s new role, ADA is positioned well for potential further gains if the market remains strong. Breaking the $0.61 resistance could signal another bullish leg up, taking ADA closer to the $1 mark—a level that hasn’t been reached in a significant timeframe.
However, as with any investment, it’s essential to monitor Bitcoin’s price movements and broader market sentiment, as these will likely impact ADA’s trajectory.
Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before investing in cryptocurrencies.