After soaring 40% in the last 7 days, Cardano price could be getting ready for an extended 100% breakout fueled by speculation of an integration with the U.S. government. Cardano is reportedly among a handful of other crypto networks that could be used to form a blockchain-based voting system.
ADA price increased by 0.9% in the last 24 hours after correcting to $0.5438. Trading at $0.5866, the ADA price action is forming a bullish continuation pattern that could result in an aggressive upside breakout.
Could a U.S. eVoting Adoption Drive Cardano Price Higher?
Speculation is growing about a new US voting system using blockchain technology, with Cardano (ADA) and Hedera Hashgraph (HBAR) at the forefront.
According to Ex-board members of the Oracle company, Shawn, President Trump, and the incoming Department of Government Efficiency (DOGE) are blockchain-based voting and identify verification systems
🚨BREAKING: President Trump and the upcoming Department of Government Efficiency (@DOGE) are exploring a federal Blockchain based election voting and identity verification system
According to sources familiar with the matter, the system will be built in partnership between X,… pic.twitter.com/hpUxlPpWgn
— Shawn (@oroogle) November 14, 2024
Neither Cardano nor Hedera has made any official statements regarding their involvement, and sources for claims remain unverified.
Nevertheless, Cardano investors are elated by the speculation as the network’s experience in decentralized ID positions it well for future voting applications.
Such an advancement would significantly boost the credibility and perceived utility of Cardano, which, for the longest time, has been christened a ‘ghost chain.’
Adopting the network would drive investor interest and confidence in ADA, potentially leading to a Cardano price increase.
Cardano’s focus on security, scalability, and sustainability makes it a strong candidate for eVoting solutions.
Cardano founder Charles Hoskinson earlier confirmed that he would dedicate 2025 to shaping crypto policy in Washington, D.C.
Guess the rumors were true? 🤯
Charles Hoskinson is dedicating 2025 to shaping crypto policy in Washington, D.C. 🏛️
“We have to do this and we have to get it done.”
– @IOHK_Charles pic.twitter.com/aoD9AINBFQ— HOSKY 🎾 (@hoskytoken) November 9, 2024
Technical Analysis: Path to a 6X Rally for ADA Price
Cardano price action shows a potential trend reversal after a long period of consolidation. ADA has moved out of a base-building phase, with a recent breakout above the $0.50 level, indicating a shift towards bullish momentum.
The Fibonacci retracement levels derived from the previous all-time high and the recent low suggest potential resistance at $1.87 (38.2% retracement), $3.00 (50% retracement), and $3.81 (61.8% retracement).
Based on the measured move from the breakout and Fibonacci projections, ADA’s next potential target could be around $3.10, a 549% (6.4X) increase from the current price.
The recent breakout is accompanied by increased volume, indicating sustained buyer interest and a higher probability of continued upward momentum. This breakout candle also suggests buyers are willing to push ADA higher from current levels.
Nevertheless, the current bullish thesis may be invalidated if bears push the price below $0.3.
Frequently Asked Questions (FAQs)
There is speculation that Cardano (ADA) and Hedera (HBAR) might be considered for a blockchain-based voting system in the U.S. However, no official announcements have been made yet, and the claims remain unverified.
If Cardano is adopted for U.S. elections, ADA could see a significant rally. Technical analysis suggests a potential upside target of $3.10, representing a 6X increase from current levels.
Cardano founder Charles Hoskinson has stated he will focus on shaping crypto policy in Washington, D.C., starting in 2025. His advocacy could influence regulatory developments favorable to Cardano.
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Evans Karanja
Evans Karanja is a crypto analyst and journalist with a deep focus on blockchain technology, cryptocurrency, and the video gaming industry. His extensive experience includes collaborating with various startups to deliver insightful and high-quality analyses that resonate with their target audiences. As an avid crypto trader and investor, Evans is passionate about the transformative potential of blockchain across diverse sectors. Outside of his professional pursuits, he enjoys playing video games and exploring scenic waterfalls.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/markets/how-high-could-cardano-price-go-if-ada-is-used-in-us-elections/
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