Struggle Since April, Cardano (ADA) Speculated Could Reach $1,13

In 2024, Cardano (ADA) struggled significantly, ranking among the year’s poorest-performing cryptocurrencies with a decline of over 40% by October. 

However, a major turnaround in early November saw ADA reclaim nearly six months’ losses within a week, sparking optimism for a potential 100% price increase by March 2025.

This rapid surge in ADA’s value aligns with a broader crypto market rally following the pro-crypto U.S. election results, with rumors swirling that Cardano founder Charles Hoskinson might collaborate with the new administration. 

Although these speculations contributed to ADA’s price jump, Hoskinson clarified on his YouTube channel that there had been no formal invitation to join any crypto policy group.

Despite ADA’s upward momentum, its current overbought position suggests a potential short-term correction. 

Testing a key resistance level at around $0.59 on November 10, ADA could face a pullback toward $0.548-$0.489 by late November. If this level holds, ADA may see renewed gains, possibly challenging resistance near $0.65 in December. 

A breakout could propel ADA toward $1.139 by early 2025, marking a 105% rally. However, failure to sustain this level could lead to a deeper retreat toward support of around $0.350.

Currently, the Cardano network is evolving rapidly with updates like the Chang Hard Fork, transforming its ecosystem. The global shift towards decentralization suggests that demand for ADA could grow in the coming weeks. If this increased demand unfolds, it may push Cardano closer to the $1 mark.

The Cardano community has even begun suggesting that founder Charles Hoskinson take on a role as a cryptocurrency advisor to former President Donald Trump. Although speculative, if realized, such a position could drive a significant ADA price rally.