Cardano (ADA) to $2.48? Hoskinson, Trump Boost Price 20%

Cardano’s ADA token jumped nearly 20% as it tested the critical $0.72 support level. Market analysts believe this rally could push the altcoin to its next target of $2.48, buoyed by Bitcoin’s bullish momentum and promising developments in U.S. cryptocurrency policies.

Looking at its past trends, the $0.726 support level has been a solid foundation for ADA’s upward movements. With this increased momentum, the ninth-ranked token is poised to reach the next major resistance level of $2.485. Technical indicators show ADA is in a strong uptrend, as seen in the RSI and MACD. The Relative Strength Index is above 50, indicating bullish momentum. The Moving Average Convergence Divergence shows a bullish crossover, confirming the upward trend.

This news fits with the broader market optimism. The positive sentiment around Bitcoin (BTC) has been key in driving ADA’s upward surge. As the dominant crypto asset continues its bullish run, it will likely have a positive spillover effect on altcoins like ADA, further boosting its price.

Hoskinson’s Potential Policy Influence

Adding to the surge, Cardano’s founder, Charles Hoskinson, recently suggested he may have a role in shaping crypto regulations under the Trump administration. Hoskinson said he plans to join the new Trump administration within three months.

Though he has not received any formal offers for roles on the U.S. crypto committee, Hoskinson highlighted his commitment to influencing policy through relationships he built over the past three years. “I’ll be involved; it’s just a question of how close I can be,” he said, adding that he wants to speak before the Senate in 2025.

Read also: Trump’s Crypto Team Cardano’s Charles Hoskinson in the Spotlight

With the Biden administration’s current capital gains tax policy under scrutiny, rumors that Trump might eliminate taxes on crypto gains have created favorable conditions for ADA to benefit from the positive sentiment.

Traders and investors are watching ADA’s price action, particularly at the $0.726 level. If ADA breaks above this threshold, it could climb toward $2.48, a level it last hit in 2021. As Cardano aligns its technical and regulatory strengths, investors feel positive about its long-term growth, making it a key player in the cryptocurrency world going into 2025.