Cardano

President Trump

<p>Eric Trump confirmed a policy proposal from President Trump aimed at encouraging the growth of cryptocurrencies in the United States in a video shared on X. While this announcement has already stirred up the cryptocurrency community, Cardano price shows promise to hit previous cycle highs of $ 2.60.</p> 
<p>According to Eric, President-elect Donald <a href="https://www.thecoinrepublic.com/2024/11/06/donald-trump-crypto-policy-reset-gensler-out-ulbricht-free-btc-mining-in/">Trump</a> plans to make American cryptocurrencies such as Algorand (ALGO), Cardano (ADA), Ripple (XRP), and Hedera Hashgraph (HBAR) entirely tax-free.</p> 
<p>This move could position U.S.-based cryptocurrencies at an advantage, as it could exempt them from the burdens of tax obligations that their international counterparts would still endure.</p> 
<figure class="wp-block-embed aligncenter is-type-rich is-provider-twitter wp-block-embed-twitter">
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  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr"><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;">BREAKING: Eric Trump confirms President Trump’s plan to make American cryptocurrencies such as <a href="https://twitter.com/search?q=%24ALGO&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ALGO</a> <a href="https://twitter.com/search?q=%24ADA&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ADA</a> <a href="https://twitter.com/search?q=%24XRP&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$XRP</a> and <a href="https://twitter.com/search?q=%24HBAR&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$HBAR</a> tax free<br><br>I was the first public source of this story and reported on it. This will put non American crypto at a -37% tax disadvantage. <a href="https://t.co/6gL1pvnjxd">pic.twitter.com/6gL1pvnjxd</a></p>— Shawn (@oroogle) <a href="https://twitter.com/oroogle/status/1866534016004002246?ref_src=twsrc%5Etfw">December 10, 2024</a>
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<p>Specifically, non-American cryptocurrencies could face a staggering 37% tax disadvantage, impacting their competitive standing on the global stage.</p> 
<p>If enacted, this policy may spur increased investment in these specific cryptocurrencies. Moreover, it could drive broader innovation and investment in the blockchain-based sectors in the US.</p> 
<h2 class="wp-block-heading" id="h-spike-in-slippage-marks-cardano-price-local-bottom"><strong>Spike in Slippage Marks Cardano Price Local Bottom</strong></h2> 
<p>Again, analysis of <a href="https://www.thecoinrepublic.com/2024/12/05/cardano-price-analyst-predicts-possible-all-time-high/">ADA</a>’s price showed a sharp fluctuation that established a “local bottom” at $0.95 which could spark a rally towards $2.60 by early next year.</p> 
<p>The level was marked by a spike in slippage, which is commonly associated with intense trading activity. This potentially indicates market stress or rapid price shifts caused by substantial order sizes.</p> 
<p>The Whale vs Retail Delta marked a shift preceded by the local bottom, suggesting a growing influence of whale transactions relative to retail trading.</p> 
<p>This could imply that larger market participants were possibly increasing their positions at lower prices, which was an important signal for understanding potential reversals or continuations in market trends.</p> 
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   <p lang="en" dir="ltr">A noticeable spike in slippage marked the local bottom in <a href="https://twitter.com/search?q=%24ADA&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ADA</a><br><br>Incorporating the Whale vs Retail Delta provided additional confirmation when paired with the spike in slippage.<br><br>This suggests whales have started increasing long exposure relative to retail. <a href="https://t.co/JRjgmKF5Ph">pic.twitter.com/JRjgmKF5Ph</a></p>— Hyblock (@hyblockcapital) <a href="https://twitter.com/hyblockcapital/status/1866519210752418082?ref_src=twsrc%5Etfw">December 10, 2024</a>
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<p>Furthermore, the high slippage levels coincided with sharp price movements, confirming high transaction volumes at critical price levels.</p> 
<p>Such a scenario suggested that the market experienced heightened liquidity and order flow, often indicative of a possible trend reversal or key support level.</p> 
<p>The indicators suggest that Cardano price could have reached a point that could attract further buying interest, potentially setting the stage for a market recovery or sustained bullish momentum.</p> 
<h2 class="wp-block-heading" id="h-ada-trading-within-a-support-zone"><strong>ADA Trading Within a Support Zone</strong></h2> 
<p>Moreover, Cardano’s price on the hourly timeframe, traded at $0.99, suggesting the possibility that ADA was within the fourth wave (4) of a larger Elliott Wave sequence.</p> 
<p>The complex correction phase indicated by a series of Elliott Wave patterns could dictate the future price movement of ADA.</p> 
<p>Price bounced near the $0.83 mark, within the Fibonacci retracement zone where a potential ABC correction pattern had formed.</p> 
<p>Key Fibonacci levels were 23.60% at $1.067, 38.20% at $0.930, and 50.00% at $0.832, which gave price a reaction.</p> 
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   ADA/USD 4-hour chart | Source: Trading View
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<p>The recovery rally towards $0.99, just below the 38.20% retracement level, indicated a support zone that could catalyze a recovery. </p> 
<p>This would happen if Cardano price maintained its current levels or found additional buying interest.</p> 
<p>If ADA’s price extends its pattern to form a WXY correction, the recent low could represent a turning point, especially if the price stabilizes and moves away from the lower Fibonacci levels.</p> 
<p>While the chart suggests a new low is possible, it is not guaranteed. ADA’s price action could remain corrective or transition into a more impulsive wave.</p> 
<p>A failure to move above $1.067 could confirm the correction is ongoing, suggesting more sideways or downward movement before any significant bullish momentum resumes.</p> 
<p>The post <a href="https://www.thecoinrepublic.com/2024/12/12/president-trump-proposes-zero-tax-for-cryptos-3-factors-why-cardano-could-hit-2-6/">Three Factors Pushing Cardano Price To $2.6</a> appeared first on <a href="https://www.thecoinrepublic.com">The Coin Republic</a>.</p>

Three Factors Pushing Cardano Price To $2.6

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