The US Presidential election is approaching. By Nov. 6, 2024, we will know who will take the most powerful office in the world. The outcome might sway markets. Cryptocurrencies like Cardano (ADA) may also feel the impact of a regime change.
The cryptocurrency market has faced some volatility over the last week, likely due to the US Presidential election and global geopolitical tensions. ADA’s price has dipped 0.6% in the daily charts, 5% in the weekly charts, 8.8% in the 14-day charts, and 5.1% over the previous month. ADA has struggled to gain momentum this year. The asset’s price has not grown at all since November 2023.
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How High Will Cardano Go After Election Results Are Announced?
According to CoinCodex, ADA will continue trading at around $0.33 on Nov. 6, 2024. The platform anticipates ADA’s price dipping in the days following the election. CoinCodex analysts predict the asset will trade at $0.30 on Nov. 11, 2024. ADA could pick up momentum later this month. CoinCodex predicts ADA’s price will rise to $0.38 on Dec. 5, 2024.
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Changelly presents an even more bearish outlook for Cardano (ADA). The platform anticipates the asset dipping to $0.31 on election result day, Nov. 6, 2024. This would translate to a dip of about 6% from current price levels.
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Many analysts anticipate a market-wide rally if Donald Trump wins the upcoming election. Standard Chartered predicts Bitcoin (BTC) will hit a new all-time high of $125,000 if Trump takes charge of the Oval Office.
In such a situation, ADA may not face the predicted correction; instead, the asset may begin to rally. How ADA’s performance unfolds over the next few weeks is yet to be seen.