As a seasoned researcher with over two decades of experience in the financial markets, I have seen my fair share of market speculation and hype. However, the recent developments surrounding Cardano (ADA) have caught my attention, particularly the speculation about its potential integration with the U.S. government for a blockchain-based voting system.
As a crypto investor, I’ve noticed an impressive 40% surge in Cardano‘s price over the past week. This growth might be hinting at a potential 100% breakthrough driven by rumors of integration with the U.S. government. It’s said that Cardano could join a select group of crypto networks, being considered for the development of a blockchain-based voting system within the American administration.
Over the past day, ADA’s price has risen by 0.9% and currently sits at $0.5866. This recent price trend suggests a strong bullish continuation, potentially leading to a significant upward jump.
Could a U.S. eVoting Adoption Drive Cardano Price Higher?
There’s increasing talk that the U.S. might adopt a fresh voting system built on blockchain technology, and it seems that Cardano (ADA) and Hedera Hashgraph (HBAR) are leading contenders for this role.
Based on statements from former Oracle company board members, it’s suggested that Shawn, along with President Trump, and the Department of Government Efficiency (DOGE), are proposing the use of blockchain technology for both voting systems and identity verification.
BREAKING NEWS: President Trump and the Department of Government Efficiency (@DOGE) are considering a federally-backed blockchain voting and identity verification system for elections.
According to sources familiar with the matter, the system will be built in partnership between X,…
— Shawn (@oroogle) November 14, 2024
There’s no official confirmation from either Cardano or Hedera about their participation, as the information supporting these claims is yet to be validated.
Regardless, Cardano investors are excited about the prospect since the network’s expertise in decentralized identity solutions prepares it for potential future use in voting applications.
Making this progress would greatly enhance the trustworthiness and apparent usefulness of Cardano, which has long been referred to as a ‘sleeping’ or ‘silent’ blockchain.
By taking on this network, we can stimulate investor curiosity and trust in ADA. This could result in an upward trend for the Cardano price.
Due to its emphasis on safety, efficiency, and long-term viability, Cardano is a highly promising choice for electronic voting systems.
Previously, Charles Hoskinson, the founder of Cardano, made it clear that he intends to focus on crafting cryptocurrency regulations in Washington, D.C., during the year 2025.
Guess the rumors were true?
Charles Hoskinson is dedicating 2025 to shaping crypto policy in Washington, D.C.
“We have to do this and we have to get it done.”
– @IOHK_Charles— HOSKY (@hoskytoken) November 9, 2024
Technical Analysis: Path to a 6X Rally for ADA Price
The behavior of Cardano’s price suggests a possible change in direction following a prolonged phase of stability. After exiting its formation stage, ADA has surged past the $0.50 mark, hinting at an increase in optimistic market sentiment.
Based on the Fibonacci levels calculated from the highest price point ever reached to the most recent low, there are potential points of resistance at $1.87 (which is approximately 38.2% back), $3.00 (around 50%), and $3.81 (nearly 61.8%). These levels may act as barriers for further price increases.
As a crypto investor, I’m excitedly eyeing Cardano (ADA). Using technical analysis tools like the measured move from its breakout and Fibonacci projections, I’ve got my sights set on a potential future price. If things go as planned, ADA could surge to approximately $3.10, which represents an impressive 549% (6.4X) increase from its current price. This potential leap is definitely worth keeping a close watch on!
Lately, there’s been an surge (breakout) that comes with more trading activity (increased volume), showing strong investor demand and a likelihood for further price rises (upward momentum). The ‘breakout candle’ also implies buyers are ready to drive ADA prices up from the current point.
Nevertheless, the current bullish thesis may be invalidated if bears push the price below $0.3.
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2024-11-15 12:30