Cardano price surges 30% on rumors that Trump and Cardano founder Trump are working together 

Cardano (ADAThe value of cryptocurrency ( has dropped by over 40% year-to date through the month of October.

ADA’s losses of nearly six full months were erased in just one single week. The company is now targeting a price increase of 100% or more by March 20,25.

ADA Booms at Hoskinson and Trump Rumors

Cardano price increased by more than 20% on Nov. 10 to reach its high in April of $0.597.

Gains in the cryptocurrency market are mostly part of an overall rally that has taken place since Bitcoin’s launch. reelection Donald Trump, the pro-crypto US Presidential candidate on November 6.

The intraday gain of Cardano appeared to be mainly due to the rumors that Charles Hoskinson, founder of Cardano, could become a part in Trump’s administration by 2025.

This does not seem the case. He was adamant that he would not do so. latest YouTube livestreamHoskinson said that the office will interact with officials from government, but did not mention receiving a formal invitation to be part of a crypto-policy department by the new Trump administration.

Related: Charles Hoskinson shares new plans to ‘help foster’ US crypto policies

Trump also hasn’t announced his intention to form a crypto-policy group, as at Nov. 10. This indicates that ADA s intraday price increase was largely attributed to the excessive speculation surrounding a Hoskinson/Trump partnership.

ADA price may double despite risks

ADA’s daily relative strength (RSI), which measures the market’s overbought condition, has reached its highest levels since December 20,23. This suggests that the ADA stock market may be overheated in coming days and will likely see a profit take.

As of Nov. 10, ADA was testing its 0.618 Fibonacci retracement level at around $0.599 as resistance, with a potential pullback raising its likelihood of falling toward the 0.5-0.382 Fib level area—coinciding with the $0.548-0.489 range—by November’s end.

As shown on the chart, a pullback to the range of $0.548-$0.489 would be a test of the multi-year trendline that was recently broken.

A successful support at this point could confirm and set the stage for further upward momentum. If this happens, ADA could test the 0.786 fib at $0.65 as resistance in December.

Cardano will probably reach the 0.618 fib at about $1.139 if the price breaks through this level in the first half of 2025. This would be a price increase of 105% in the first quarter 2025.

In contrast, if the price fails to break above the massive descending trendline’s resistance it could signal a false breakthrough and lead to an even deeper retracement towards the ascending trendline at about $0.350.

The article is not intended to provide investment advice. Each investment or trading decision involves some risk. Readers should do their own research before making any decisions.