Cardano price is in its third consecutive weekly gains and sitting at its highest level since March 2024. ADA has soared by almost 170% from its lowest level this year, making it one of the top layer 2 tokens. The current surge is likely because of a potential collaboration between Cardano and Elon Musk’s SpaceX, and the ongoing crypto bull run.
Cardano Price Eyes Breakout Amid SpaceX Rumors
The most important catalyst for the ongoing Cardano price surge is the crypto bull run that has seen Bitcoin jump to $92,000 and the total market cap of all coins hit $3 trillion. The crypto fear and greed index has also jumped to the extreme greed area of 83.
Cardano’s jump accelerated after online users speculated that the network was about to partner with SpaceX, the company owned by Elon Musk. This speculation accelerated after Charles Hoskinson sent a picture of him standing next to a SpaceX rocket. Before that, he hinted that he was about to sign a substantial deal.
Hoskinson has also changed his X profile picture with him on a rocket. It is still unclear whether Hoskinson and Musk are in talks, and whether anything will come out of it. Besides, Cardano’s developers have a history of not delivering on his pledges, such as its plan to remake Ethiopia’s education system.
Cardano price also jumped after Brandon Turp, a crypto investor, hinted that the network would become a key player in a blockchain-enabled voting system. Hoskinson has recently hinted that he will be a crypto advisor in Trump’s administration, a statement that some analysts like BitBoy doubt.
However, such a large legislation would need full support in the House of Representatives and the Senate.
ADA Technical Analysis: Cardano Hits Key Resistance
Cardano has strong technicals, which could point to more gains in the near term. On the weekly chart, the token formed a falling wedge pattern between March 11 and earlier October. This pattern is characterized by two falling and converging trendlines and is one of the most bullish reversal signs.
ADA price also found a strong support at $0.307, where it failed to move below since September. It has now moved above the 50-week and 200-week moving averages, a positive sign.
Cardano has now retested the important resistance level at $0.806, where it struggled to move above in March this year. The Relative Strength Index (RSI) and the MVRVZ indicators have also pointed upwards, signaling more gains.
Therefore, a break above the resistance at $0.806 will point to more gains, with the near-term target being the psychological point at $1. A clearance above that level will raise the odds of the token soaring to its all-time high of $3, which is almost 300% above the current level.
On the flip side, a drop below the support at $0.307, will invalidate the bullish view and point to more downside, potentially to $0.25.
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