Why is Cardano (ADA) price up this week?
The Cardano founder’s upcoming meeting with Argentine President Javier Milei is one of the most positive catalysts for ADA this week. Cardano (ADA) has outpaced the larger crypto market today, climbing more than 4% in the last 24 hours and nearly 15% in a week to $0.376 on September 24. Charles Hoskinson’s forthcoming meeting with Argentine President Javier Milei, as well as whale buildup, are key variables driving the ADA rise today.
Hoskinson’s upcoming meeting with Milei boosts ADA adoption scenario
ADA is surging in anticipation of Charles Hoskinson’s impending meeting with Argentine President Javier Milei at the Tech Forum Argentina on October 19. The ADA price has increased by more than 9% since the news, including today’s gains, indicating that its traders are bullish on the Hoskinson-Milei meeting, particularly considering Milei’s pro-crypto stance.
Rumours are circulating concerning Milei’s plans to introduce a central bank digital currency in Argentina. Argentina has welcomed Cardano “with open arms,” according to Hoskinson. In June 2024, for example, the Cardano Foundation formed another cooperation to boost local blockchain use. AtixLabs, one of Cardano’s first development partners, was founded there and played an important role in the project’s early success.
Top Cardano traders are accumulating ADA
ADA’s surge this week comes after a period of increased accumulation by its wealthiest investors, popularly dubbed as “whales.” Notably, the number of entities holding at least 1 billion ADA tokens (royal blue) has surged in recent months. Similarly, those with a 100 million1 billion ADA balance (green) have seen a gain during the same period. The 10 million100 million ADA balance cohort (black) has seen a decrease in entity count, indicating that traders in this group accumulated Cardano tokens to join the 100 million-1 billion ADA balance cohort. The accumulation spree coincides with the Chang Hard Fork, which implemented a governance structure on the Cardano blockchain on September 2.
ADA price enters falling wedge breakout stage
ADA’s recent gains are part of a falling wedge breakout, implying that the token may continue to appreciate during October and the next months. A falling wedge is formed when the price moves lower within a descending channel range created by two converging, falling trend lines. According to technical analysis, the pattern is resolved when the price breaks above the upper trend line and increases by the maximum distance between the upper and lower trend lines. Using the same technical technique on the ADA/USD chart, the upside objective for 2024 is around $0.638, up 70% from present levels.
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