Bull run is ongoing and a lot of altcoins are pumping and producing nice gains for holders. One of those is Cardano’s ADA. The ADA price pumped over 30% today and is now trading just slightly below $0.6 area.
ADA is a top crypto-performer today. But, what’s behind the pump?
Cardano’s founder Charles Hoskinson made waves with his latest announcement. He stated: “I will work with lawmakers and the administration. IOG will establish a policy office to hybridize FIT21, RFIA, to get a bipartisan bill passed. I have personal friendships with the Trump administration. I hope to be part of that.”
Breaking this down – Hoskinson wants to get crypto regulations right. He’s planning to set up a special office that will work on combining two existing frameworks (FIT21 and RFIA) into something both Democrats and Republicans can get behind.
His connections to Trump’s team might help push things forward, especially now that Trump won the recent elections. The whole crypto market has been rising since Trump’s win, and this announcement just added more fuel to ADA’s rise.
Read also: Why is Notcoin (NOT) Price Up Today?
Looking at ADA’s Price Movement
ADA had an amazing week since the price pumped 70%. At the beginning of the week the Cardano price was trading just slightly above $0.3 and now holders wait to see whether the price will have a weekly close above $0.6.
The technical indicators are sending mixed signals right now. The RSI is sitting at 73, suggesting ADA might be a bit overheated. The MACD isn’t helping either – it just crossed below its signal line, which often points to a possible pullback coming up.
Still, if the bulls continue to control the chart, $1 for ADA is not out of the question sometime this month. Of course, for this to happen, the market needs to continue behaving like this, all “green”.
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