Cardano (ADA) has been one of the worst performers among major cryptocurrencies, losing more than 40% of its value throughout 2024. However, it made a rapid recovery in November, erasing six months of losses in a week.

ADA’s value rose by over 20% on November 10, reaching $0.597, its highest level since April. This increase is partly attributed to the crypto market rally triggered by Donald Trump’s re-election.

However, Cardano’s sudden rise has also been linked to rumors that its founder Charles Hoskinson will join the Trump administration. However, Hoskinson has denied these claims.

ADA’s daily RSI has reached the overbought territory, indicating that there could be a correction and profit booking in the market. ADA is testing the $0.599 resistance, and a possible pullback could pull the price to the $0.548-$0.489 range by the end of November.

Staying above this level could support ADA’s bullish momentum and carry the price to $0.65 in December and $1.139 in early 2025. However, staying below the current resistance could see the price drop to $0.350.