Cardano founder collaborates with the government?

Recently, due to Cardano founder Charles Hoskinson only claiming in his latest YouTube livestream that Cardano will set up an office to strengthen communication with government officials, rumors of Charles Hoskinson's collaboration with the incoming Trump administration began to circulate in the market, causing ADA prices to rapidly rise and even increase by 30% yesterday, breaking through $0.63.

ADA's coin price performance

In the recent surge, ADA prices have broken through multiple resistance levels and reached the highest overbought level of the Relative Strength Index (RSI) since December 2023, suggesting that the market may be overheated and profit taking may occur in the short term. Analysts indicate that as of November 10th, ADA prices are testing resistance at the 0.618 Fibonacci retracement level of approximately $0.599, with significantly increased pullback pressure. If there is a pullback, ADA may fall back to the Fibonacci range of 0.5 to 0.382, which is between 0.548 and 0.489 US dollars.

Collaboration may not be factual

However, it should be emphasized that Charles Hoskinson only stated that Cardano would establish an office to enhance communication with government officials, and did not indicate any formal invitation from the Trump administration. At present, there is no evidence to show that Charles Hoskinson and the Trump government have a substantive cooperative relationship. Although there is a strong speculative sentiment in the market, which has led to an increase in ADA prices, this may largely be just an overreaction of the market.