Cardano price rebounded on Tuesday as odds of the ADA ETF approval rose and after Charles Hoskinson teased of an upcoming VIP meeting. ADA, the popular layer-1 token, rose to $0.8185, up by 60% from its lowest level this month. So, can it surge by 65% to its 2024 high ahead of Hoskinson’s meeting?
Cardano Price Rebounds Ahead of Charles Hoskinson Meeting
Cardano fans are waiting for an upcoming meeting that Hoskison has hinted. In an X post, he said that the VIP dinner would happen on 1st of March.
“VIP dinner got moved from the 22nd to the 1st. So the super important meeting is early March now.”
Hoskinson has not revealed who he will meet. 53% of the participants in the X poll predicted that the person will be Elon Musk. 17% predicted that it will be David Sacks, Donald Trump’s crypto and AI czar, while 25% said that it will be someone irrelevant. In a response, Hoskinson said that the VIP meeting will likely have more than one people.
Hoskinson’s statements should be taken with a grain of salt, though. In an X post last month, he promised a meeting with Chainlink, but nothing has materialized yet. Similarly, in 2021, Cardano announced a groundbreaking project to digitize Ethiopia’s education system, but that has not happened yet.
In January, Hoskinson hinted of a meeting with Elon Musk by posting a picture of him next to a SpaceX rocket. A few days before that, he hinted that he was about to have his biggest meeting. No deal has been announced yet.
ADA ETF Hopes are Rising
Cardano price jumped as odds that the SEC will approve a spot ADA ETF rose. Grayscale filed for a spot Cardano ETF on Tuesday. There are signs that the SEC, under Paul Atkins, will approve such a fund.
A Cardano ETF would lead to substantial hype and then boost the coin’s price. Just recently, other tokens with high hopes of an ETF fund like Litecoin and XRP have all jumped.
Cardano Price Forecast
The weekly chart shows that the value of ADA is highly bullsh despite the recent retreat. It has formed a hammer candlestick, a popular bullish sign. It is now nearing the key resistance level at $0.8185, the highest swing in March 2024.
Cardano has moved in the second phase of the Elliot Wave pattern, which is then followed by the third bullish one. It has also formed a bullish flag pattern. Therefore, the coin will likely rebound in the coming weeks.
ADA Price Targets
A bullish Cardano price forecast will see it rebound to $1.3357, the upper side of the first phase of the Elliot Wave pattern. This is an important level since it coincides with the 38.2% retracement level.
On the flip side, a drop below the psychological support at $0.50 will invalidate the bullish view, and point to more downside to $0.25.
Frequently Asked Questions (FAQs)
There are odds that the ADA price will rebound ahead of the Hoskison meeting and ADA ETF approval. A rebound could see it retest the key resistance at $1.3357.
Hoskinson will likely meet with Elon Musk and other senior US government officials in the Trump administration. However, his commitments should be taken with a grain of salt.
There are rising odds that the SEC will approve a spot Cardano ETF because it is one of the most decentralized blockchains in the crypto industry.
crispus
Crispus is a seasoned Financial Analyst at CoinGape with over 12 years of experience. He focuses on Bitcoin and other altcoins, covering the intersection of news and analysis. His insights have been featured on renowned platforms such as BanklessTimes, CoinJournal, HypeIndex, SeekingAlpha, Forbes, InvestingCube, Investing.com, and MoneyTransfers.com.
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/cardano-price-could-surge-65-ahead-of-hoskinson-vip-meeting/
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