Is Cardano Price Set to Skyrocket Amid SpaceX Partnership Rumors?

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As a seasoned analyst with over two decades of experience in the tech and finance industries, I’ve seen my fair share of market speculations and hype cycles. However, the recent surge in Cardano’s price has piqued my interest, not just because of its impressive gains, but also due to the rumors surrounding potential collaborations with SpaceX and the U.S. government.

1) For three weeks in a row, the price of Cardano has risen, reaching its highest point since March 2024. This surge has boosted ADA by nearly 170% from its lowest value this year, placing it among the top layer 2 tokens. The recent growth might be attributed to rumors of a partnership between Cardano and Elon Musk’s SpaceX, as well as the ongoing cryptocurrency market uptrend.

Cardano Price Eyes Breakout Amid SpaceX Rumors

The primary driver behind the current increase in Cardano’s price is the robust crypto market uptrend, which has pushed Bitcoin up to $92,000 and the total value of all cryptocurrencies to a staggering $3 trillion. Additionally, the crypto fear and greed index has risen dramatically to 83, indicating a strong sentiment of optimism among investors.

After online users hypothesized that Cardano might collaborate with SpaceX, the company led by Elon Musk, speculation intensified. This surge in speculation occurred following Charles Hoskinson sharing a photo of himself near a SpaceX rocket. Prior to this, he had subtly suggested that a significant agreement was imminent.

Charles Hoskinson recently updated his X profile picture, featuring himself on a rocket. It remains uncertain if discussions between Hoskinson and Musk are underway, or if any outcomes will ensue from these potential talks. Additionally, it’s worth noting that the team behind Cardano has struggled to fulfill some of its promises, like their initiative to revamp Ethiopia’s educational system.

The price of Cardano increased following Brandon Turp’s suggestion that the platform might play a significant role in a future blockchain-based voting system. However, there is speculation about Charles Hoskinson’s claim to be a crypto advisor within Trump’s administration, with some analysts like BitBoy expressing skepticism.

In other words, a law of that magnitude necessitates unanimous approval from both the House of Representatives and the Senate.

ADA Technical Analysis: Cardano Hits Key Resistance

Cardano’s tech indicators suggest it could see further growth in the short term. On its weekly chart, a bullish reversal signal has emerged. This comes from a falling wedge pattern that took shape between March 11 and early October. A falling wedge is characterized by two descending trendlines that eventually converge, often signaling a significant price increase.

The cost of ADA stabilized at approximately $0.307 in September and hasn’t dipped below that point since then. Now, it has climbed over both its 50-week and 200-week moving averages, which is a promising indication.

As a researcher, I’ve observed that Cardano has once again encountered the significant resistance level at approximately $0.806 – a barrier it failed to surpass in March this year. However, recent trends suggest a potential change. The Relative Strength Index (RSI) and MVRVZ indicators are indicating upward movements, which typically signal further gains.

Consequently, surpassing the resistance at $0.806 suggests potential for further growth, with a close proximity objective at $1. If we manage to break through that barrier, it increases the likelihood of the token reaching its all-time high of $3 – an increase of approximately 300% from the current value.

Conversely, if the price falls below the $0.307 mark, it would contradict the bullish outlook and suggest a possible further decline, perhaps reaching $0.25.

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2024-11-18 17:44