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Cardano (ADA) Rallies Amid Trump-Cardano Founder Collaboration Rumors
The cryptocurrency market has been witnessing a surge in recent weeks, with numerous assets experiencing significant gains. In this context, the price of Cardano’s ADA token has also seen a considerable rally, rising by more than 20% in just three days.
As is often the case in the crypto space, rumors and speculation can have a profound impact on asset prices. This time around, it appears that a supposed collaboration between former US President Donald Trump and the founder of Cardano, Charles Hoskinson, has been enough to send ADA’s price skyrocketing.
While there hasn’t been an official announcement from either party confirming these claims, investors seem convinced that such a partnership could bring significant benefits to the cryptocurrency. After all, Trump’s reputation for being shrewd in his investments and his affinity for digital assets make him an attractive partner for many.
However, it is essential to note that as of 10 November Trump had not mentioned the need to create a cryptocurrency policy group. Therefore, despite the absence of an official announcement about a possible work group that will advise the Trump administration on crypto-related issues, the rumor was good enough to pump up ADA.
In terms of technical analysis, historically, Cardano’s ADA token has been in a descending channel which was broken in the past three weeks. Currently, the market waits to see if the coin will maintain its price above this channel. If it fails to sustain the upward pressure, its value may fall towards 0.6-0.582 Fib level.
However, some technical indicators support Cardano’s ADA bullish thesis. For instance, the asset has a current Fear and Greed reading of 69%, which indicates that it could be an excellent time for investors to buy the cryptocurrency.
Accordingly, most of its moving averages including the 50-day EMA, 100-EMA, and 200-day EMA confirm its bullish trend.
Source: blockonomi.com
