Donald Trump's reelection on November 6 ignited a massive rally across digital assets, with Cardano's
On November 10, ADA's price increased by more than 40%, reaching $0.6402—a level not seen since April.
This surge can be attributed to rumors that Charles Hoskinson, the visionary behind Cardano, might join the Trump administration in 2025. This has fueled investor optimism, as Hoskinson's involvement in government could push favorable policies for crypto.
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Addressing these rumors in a recent YouTube livestream, Hoskinson disclosed plans to establish an office encouraging dialogue with government officials. However, he did not confirm receiving any formal invitation to participate in a crypto-focused department within the forthcoming administration.
As of writing, the price of ADA stands at $0.5819, marking a 0.36% increase over the past day and 75.28% over the past week.
ADA has successfully breached the $0.550 resistance barrier but is encountering challenges in closing above the $0.6050 threshold. A decisive break beyond this level could set the stage for more gains, targeting resistances at $0.720 and potentially $0.800. Achieving a weekly close above $0.720 might even pave the way toward $1.00. Conversely, if ADA fails to surpass the $0.6050 or $0.6820 resistance zones, a price correction could follow.
The coming period will be crucial in determining whether ADA's upward momentum is sustainable or if it will give in to market corrections driven by speculative trading.
In other news, Bitcoin is also hitting historic highs, as investors are feeling bullish after Trump was reelected.
