Highlights:
- Cardano price pumps 40% in a week as trading volume spikes.
- Cardano’s price could be getting ready for a parabolic breakout fueled by speculation of an integration with the U.S. government.
- Technical indicators suggest bolstered bullish sentiment in the ADA market.
The Cardano price has exited the red zone, flaunting a 7% increase today, with the ADA/USD trading at $0.5917 at press time. The noticeable price movement is accompanied by a surge in daily trading volume by 8% to $1.99B, as the market cap soars 7% to $20.94B. This suggests heightened market activity and investor confidence in the token. ADA is now up 40% in a week, 72% in a month, and 69% in a year.
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Meanwhile, Cardano’s price could be getting ready for a parabolic breakout fueled by speculation of an integration with the U.S. government. Cardano is reportedly among other crypto networks that could be used to form a blockchain-based voting system.
Speculation about a new US voting system using blockchain technology is growing, with Cardano (ADA) and Hedera Hashgraph (HBAR) at the forefront.
🚨BREAKING: President Trump and the upcoming Department of Government Efficiency (@DOGE) are exploring a federal Blockchain based election voting and identity verification system
According to sources familiar with the matter, the system will be built in partnership between X,… pic.twitter.com/hpUxlPpWgn
— Shawn (@oroogle) November 14, 2024
According to Ex-board members of the Oracle company, Shawn, President Trump, and the incoming Department of Government Efficiency (DOGE) are blockchain-based voting and identify verification systems. In the meantime, neither Hedera nor Cardano have verified the statements, as the sources for the claims remain unverified.
Cardano Statistical Data
Based on CoinmarketCap data:
- ADA price now – $0.5917
- Trading volume (24h) – $1.99 billion
- Market cap – $20.94 billion
- Total supply – 44.99 billion
- Circulating supply – 35.02 billion
- ADA ranking – #9
The Cardano price has jumped a staggering 40% in the last week, but recent indications hint that the digital asset’s explosive growth is cooling off, forcing the token into consolidation. Early profit booking commenced after an explosive surge to $0.65, causing the token to dump to $0.59. However, the upward momentum is still in play despite the sideways trading.
Cardano Bulls Aims for a Continued Uptrend
First, the bulls have flipped the 50-day and 200-day MA into immediate support in the market, reinforcing the upward momentum. The $0.38 and $0.39 act as immediate support keys, propelling the price to higher levels. Moreover, the Moving averages are on the verge of making a bullish crossover, often the Golden Cross. In such a case, the bulls will have the upper hand as the cross-over indicates a long-term bullish outlook.
The Relative Strength Index has hurtled to the 70-overbought region, reinforcing the bullish thesis. Its position at 77.50 suggests intense buying pressure, which may cause the ADA price to rise higher. However, it is prudent to watch out for a reversal to avoid the bull trap, as the overbought conditions suggest that a correction is imminent.
The Moving Average Convergence Divergence (MACD) is also in positive territory, still above the signal line. This indicates buyer momentum still exceeds selling pressure. Traders and investors are inclined to buy ADA unless the MACD changes.
Cardano Price Forecast
Based on the daily chart timeframe, the bulls have entirely taken the reigns, dispersing the seller congestion. However, it is prudent to observe and avoid the bull trap as the RSI roams in the overbought zone.
On the upside, if the buying appetite persists, the ADA price could surge, reclaiming the $0.65 mark or above the $0.7 mark. On the downside, if the ADA price retraces to sweep through liquidity, the $0.57 mark will be in line to absorb the potential selling pressure.
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