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The Cardano price soared 10% in the last 24 hours to trade at $0.5893 as of 12:30 a.m. EST on a 216% pump in trading volume to $6 billion.
The ADA price pump came after Charles Hoskinson said in a YouTube live stream that he’d be spending ”quite a bit of time with members of the administration” to help craft crypto policy.
The incoming administration of incoming president-elect Donald Trump has not announced a role for Hoskinson.
Cardano Price Spikes In A Parabolic Curve
The ADA/USD pair on this 4-hour chart shows a strong bullish trend following a long period of consolidation. The price is around $0.5933, with a recent parabolic rise indicating substantial buying interest.
After trading in a tight range for an extended period, the price broke out with a steep upward curve, suggesting that momentum has shifted decisively in favor of the bulls.
The moving averages add further weight to this bullish outlook. The 50-period moving average (blue line) is at$0.4053, and the 200-period moving average (green line) is around $0.3635 below the price. A recent Golden Cross, where the 50-period MA crossed above the 200-period SMA, is a classic indicator of potential long-term bullish momentum.
ADAUSD Analysis Source: Dextools.io
Cardano Price Indicators Signal A Short Term Correction
The MACD (Moving Average Convergence Divergence) also supports the bullish trend. The MACD line is above the signal line, and the histogram bars are positive, showing sustained buying pressure. However, the narrowing gap between the MACD and the signal line could hint that the bullish momentum is gradually weakening. This is an early signal that the current trend may slow down or consolidate soon.
The Relative Strength Index (RSI) is currently at 74.76, placing it in the overbought territory. this indicates that the Cardano price may be overextended, suggesting the possibility of a short-term correction or consolidation phase.
There was a period of consolidation during which ADA traded sideways with low volatility, followed by a parabolic move as buyers entered aggressively, attracting momentum traders and potentially driving the price even higher.
ADA/USD is in a strong bullish phase, with the potential for further gains if the price holds above key support levels. It is heading to resistance near $0.65 and $0.70.
However, if the overbought RSI causes a pullback, the price might find support around the 50 MA or previous consolidation level near $0.40.
FreeDum Fighters Presale Closes On $500k – Next Crypto To Explode?
As the Cardano price surges, investors are also rushing to buy FreeDum Fighters ($DUM), a meme coin offering a satirical take on the battle for the US presidency that’s already raised more than $467k.
FreeDum Fighters creates a digital battle arena where mechanized versions of Trump and Kamala Harris, named MAGATRON and Kamacop 9000, face off in a blockchain-powered version of the US election.
For the people. Always. $DUM https://t.co/bBDqdHvMlZ pic.twitter.com/LUDvsIAhc6
— FreeDum Fighters (@Freedum_Fighter) November 9, 2024
Backers can pick a side by voting (staking) for the candidates. Currently, staking yields vary widely between the two: MAGATRON offers a huge 268% annual return, while Kamacop 9000 boasts a stratospheric 698% yield.
This fresh, crypto-based spin on the US election has the popular YouTube channel 99Bitcoins, with over 706,000 subscribers, naming FreeDum Fighters as a top five token ”to buy now for extreme gains.”
Giveaway for FreeDum Fighters ($DUM) Holders
$DUM holders can also support their chosen candidate by participating in weekly online debates on the project’s social media channels.
Community members present persuasive arguments, and those who win are rewarded with a “secret airdrop” for their political skills.
To sweeten the deal for FreeDum Fighters supporters, the project has launched a Gleam giveaway. To enter, complete a few simple tasks, like following the project on X, and you’ll automatically be in the running.
FreeDum Fighters supports multiple blockchains so you can purchase $DUM with ETH, BSC, BASE, SOL, USDT, or USDC.
Currently, $DUM is selling for $0.000075. With the price set to increase in a little more than 2 day, don’t wait too long to lock in the best deal.
You can buy $DUM tokens on the official website here.
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