Cardano (ADA) could rise by 70 percent: Looking back!

The Cardano founder's meeting with Argentine President Javier Milei is one of the most important bullish factors for ADA this week.

Cardano (ADA) outperformed the rest of the market today, rising by over 4 percent in the last 24 hours and nearly 15 percent in a week to $0.376. The main factors behind ADA's rise today include Charles Hoskinson's meeting with Argentine President Javier Milei and whale accumulation.

ADA rose on the excitement created by Charles Hoskinson's meeting with Argentine President Javier Milei at Tech Forum Argentina on October 19. The major coin quickly rose by nearly 10 percent under the influence of the news, reminding us of its old days.

Rumors are circulating that Milei is planning to launch a central bank digital currency in Argentina. According to Hoskinson, Argentina welcomes Cardano. For example, in June 2024, the Cardano Foundation formed another partnership to promote native blockchain adoption.

ADA’s recent rally is part of a falling wedge breakout, suggesting that the token could see further gains in October and the coming months.

A falling wedge structure shows that the price has been decreasing over time, with the top and bottom falling towards the bottom. As a rule of technical analysis, it resolves when the price breaks above the upper trendline and rises by the maximum distance between the upper and lower trendlines.

(Not Investment Advice)

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