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The price of ADA has risen around 212% since November 5, following Trump’s victory.
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ADA has been between $0.30 and $0.50 since the end of April.
This November 22, ADA, the native cryptocurrency of the Cardano network, surpassed the $1 barrier after 2 and a half years. At the time of this article, its price remains above that mark, trading around USD 1.1.
The current price implies an increase of 212% approximately in the last 17 days, as can be seen in the following TradingView chart:
Meanwhile, the current ADA price has just crossed a major resistance zone at $1.06. In the technical analysis of financial assets, resistances imply price levels where an asset encountered selling pressure in the past, stopping or hindering its rise.
The next resistances for ADA are at the $1.25 (yellow line) and $1.48 (green line) levels. This is seen in the following graph:
Currently, according to CoinMarketCap, ADA’s market capitalization stands at almost $40 billion, thus occupying eighth place in crypto assets in that measurement.
Despite this movement, ADA still has a long way to go until it reaches its all-time high (ATH), in the $3.1 zoneregistered on September 1, 2021.
What factors drove the price of Cardano?
This increase has occurred since November 5following Donald Trump’s US presidential election victory over Kamala Harris, when ADA was trading around $0.30.
Trump’s victory, being the US president-elect who expressed greater closeness to Bitcoin and cryptocurrencies in his campaign, produced an upward climb in bitcoin, which influenced the rest of the market.
This led to the ADA, like most altcoinssaw their prices dragged by the bullish momentum of bitcoin.
For its part, the last time Cardano had come close to exceeding this figure in its market value dates back to mid-March 2024when it reached $0.80.
ADA’s behavior throughout 2024 was marked by a downward trend that kept it between approximately $0.30 and $0.50 from the end of April to the beginning of November.
Additionally, another catalyst that fueled ADA’s bullish path may have been the statements by Charles Hoskinsonco-founder of Cardano.
NoticiasVE recently reported that Hoskinson expressed that during 2025 he will work alongside Washington DC legislators in order to “promote and facilitate cryptocurrency policies” in the new Trump administration.