Cardano founder Charles Hoskinson, who previously endorsed Donald Trump, recently said he wanted to lead the way in crafting U.S. crypto policy, potentially advising the Trump administration if Republicans win back power in 2025.
Hoskinson spoke to his community and investors about what he intends to do when he talks to Washington lawmakers and policy leaders about building a supportive regulatory environment for blockchain and cryptocurrency.
Hoskinson’s goal is ambitious, and they are willing to use this political shift to get bipartisan legislation like the FIT 21 Act and the Lummis Bill, furthering the distinction in the crypto space between securities and commodities.
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Hoskinson hopes to eliminate the past’s malleable regulatory framework, which has resulted in conflicts between projects such as Cardano, Ripple, and Ethereum and the bigwigs like the SEC by promoting cooperation between crucial industry and political players.
He believes that with a clean and supportive regulatory environment, U.S. crypto is in the position to continue creating economic value and jobs without additional intervention or penalties.
The market has responded to Hoskinson’s ambitious plan to drive crypto policy with a massive spike in price, as Cardano’s (ADA) token has now jumped over 20 percent in less than a day.
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At the most recent update, the price of ADA reached around $0.5856, increasing by 33.38% or approximately 12 hours.
Cardano’s market cap rose to $20.5 billion during this rally, and 24-hour trading volume is up 130.58 percent, with many investors optimistic about the future of ADA and the broader crypto market.
Cardano Technical Analysis: Bullish Momentum Confirmed by Key Breakout
According to technical indicators, the rally seen in Cardano may be part of a larger long-term bullish trend. Cardano (ADA) has decisively broken out of a falling wedge pattern (the pattern on the ADA/BTC trading pair on Binance).
This bullish formation traps an actual downtrend after a protracted correction in price. While this pattern had been established over several months, the breakthrough also marks a likely momentum change that could continue in the weeks ahead.
The Money Flow Index (MFI) also spiked, above an overbought 82.19. An MFI reading above 80 usually means high buying pressure, often with a good price push, but MFI’s are not as accurate since the MFI reading can be pushed artificially upwards by a lot of noise.
The breakout from the falling wedge further coincides with the elevated buying activity due to high investor interest and supposes a further upward trajectory for ADA.
The price action of ADA reflects technology and fundamental catalysts. The falling wedge breakout affords a robust technical base for a rally, and the news of Hoskinson possibly guiding U.S. crypto policy gives investors optimism that policy will be stable.
The rally in ADA’s price may be a first glimpse of how the broader market feels as investors start to bet on a regulatory environment that has the potential to foster growth in blockchain projects.
