Cardano (ADA) struggled throughout 2024, marking one of the worst performances among major cryptocurrencies, losing over 40% of its value by October.
However, November brought a quick rebound as ADA erased nearly six months of losses within just one week and is now eyeing potential gains of over 100% by March 2025.
On Nov. 10, Cardano’s price surged over 20%, reaching $0.597, its highest since April.
The rise in ADA’s value is partly due to a larger crypto market rally following the reelection of pro-crypto U.S. presidential candidate Donald Trump on Nov. 6.
Yet, Cardano’s intraday surge appears mainly fueled by rumors that its founder, Charles Hoskinson, might join the Trump administration in 2025.
In a recent YouTube livestream, however, Hoskinson clarified that, while they are establishing an office to engage with government officials, he has not received any formal invitation to join a crypto policy group in the incoming Trump administration.
As of Nov. 10, Trump has not announced plans for a dedicated cryptocurrency policy team either, suggesting that ADA’s rise was driven by speculation rather than confirmed developments.
Despite the recent pump, ADA’s daily relative strength index (RSI) has reached its most overbought levels since December 2023, indicating the market may be due for a cooldown and potential profit-taking.
Currently, ADA is testing the 0.618 Fibonacci retracement level near $0.599 as resistance.
A pullback could see it drop to the 0.5-0.382 Fib level, which aligns with the $0.548-$0.489 range, by the end of November.
Holding above this range would support ADA’s bullish momentum, potentially pushing it to the 0.786 Fib line at $0.65 by December.
A successful breakout above this level could propel ADA toward $1.139 in early 2025, marking a 105% rally.
However, a failure to hold above the current resistance could result in a retracement to trendline support around $0.350.
