The US Presidential election is right upon us. By Nov. 6, 2024, we will have the result of who will take the most powerful office in the world. The outcome might sway markets in one way or another. Cryptocurrencies like Cardano (ADA) may also feel the impact of a regime change.
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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.
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 to dip in the days following the election. CoinCodex analysts predict the asset to trade at $0.30 on Nov. 11, 2024. ADA could pick up momentum later this month. CoinCodex predicts ADA’s price to 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 to dip to $0.31 on election result day, Nov. 6, 2024. Sliding to $0.31 will 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) to 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.
