Cardano (ADA) Price Stabilized on Sunday as Traders Await More Details about Charles Hoskinson VIP Meeting

Cardano (ADA) token was trading at $0.6610 on Sunday, up 15% above the lowest level last week.

Cardano price stabilized on Sunday as traders awaited more details about the Charles Hoskinson VIP meeting.

Cardano (ADA) token was trading at $0.6610 by 09:03 GMT on Sunday, up 15% over the past week. A key catalyst for Cardano was the much-hyped meeting between Hoskinson and a VIP. Speculation was that he would meet with either President Donald Trump or Elon Musk, the head of the Department of Government Efficiency or DOGE.

Odds of Hoskinson meeting with Trump rose after he sent an X post claiming that he would miss the ETH Denver event for a trip to Florida. Trump traveled to Mar-a-Lago in Florida after his tense meeting with Vladimir Zelenskyy.

Sorry I'll miss ETH Denver but I had to go to Florida for a thing

— Charles Hoskinson (@chainalysis) February 24, 2024

Hoskinson has not made an update about his meeting, what was discussed, and how it will benefit Cardano. He clarified that he was not about to be appointed in a crypto-related role in the government, adding:

“I will not comment again on this topic until I have definitive and tangible news that is relevant to the legislative process to get new laws on the books that enable the industry to survive and thrive in the United States.”

Cardano fans expected the VIP meeting to yield substantial outcomes. For example, many have been pushing Musk to embrace the network as he tries to move key government functions to the blockchain. They cite Cardano as a Made-in-USA network with a 100% uptime, and fast transaction speeds.

Cardano price forecast

The daily chart shows that the ADA price peaked at $1.328 in November last year, and has moved to $0.068. It has formed a death cross pattern as the 200-day and 50-day Weighted Moving Averages flipped each other. The personal price oscillator has remained below the zero line, while the Relative Strength Index has formed an ascending channel. On the positive side, Cardano price has formed a falling wedge pattern, a popular bullish sign. It has also moved to the 61.8% Fibonacci retracement point, where most assets rebound.

Therefore, Cardano’s outlook is neutral, with a bullish breakout being confirmed if it rises above $0.789, the 50-day moving average, and the 50% Fibonacci retracement point. A drop below the support at $0.515 will point to more downside.