Cardano (ADA) Has Been on a Strong Rise, Reaching Its Highest Price since March 2024

The price has gone up almost 170% from its lowest point this year. This jump is mainly because of the recent crypto market rally

Cardano (ADA) has seen a remarkable rise, reaching its highest price since March 2024. The token has surged almost 170% from its lowest point this year. This impressive jump can be largely attributed to the recent crypto market rally, which has seen Bitcoin reaching $92,000 and the overall market value hitting $3 trillion.

The Crypto Fear and Greed Index has also moved into the “extreme greed” zone, indicating that investors are displaying a high level of confidence in the market at present. As of now, Cardano is trading at $0.753, showcasing a 2.02% surge in market cap to $26.40 billion.

One of the key factors contributing to Cardano’s rise are the rumors surrounding a potential partnership with SpaceX, the space company owned by Elon Musk. These rumors began swirling after Charles Hoskinson, the founder of Cardano’s company ‘IOHK’, shared a photo of himself standing next to a SpaceX rocket.

In addition to the photo, Hoskinson also mentioned that a “big deal” was on the horizon, leading many to speculate about a possible collaboration between SpaceX and Cardano in the near future. To further fan the flames, Hoskinson even changed his X (formerly Twitter) profile picture to an image of himself on a rocket.

However, it remains unclear whether Hoskinson and Musk are indeed working together or if these rumors will ultimately materialize. In the past, Hoskinson has made grand promises, such as plans to assist in improving Ethiopia’s education system, but not all of these commitments have come to fruition.

The rumors also gained traction after Brandon Turp, a crypto investor, suggested that Cardano could play a significant role in a blockchain-based voting system. Furthermore, Hoskinson hinted at the possibility of becoming a crypto advisor for a future Trump administration, although individuals like BitBoy have expressed skepticism towards this claim.

Meanwhile, ADA is displaying signs that indicate a potential continuation in its price surge. According to the ADAUSD chart, the token has formed a falling wedge pattern, which is typically interpreted as a bullish move.

Moreover, the crypto has found strong support at $0.321, a level it has maintained since October. If ADA manages to break through the resistance at $0.820, it could propel the token towards the $1 mark.

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