Cardano’s (ADA) price stabilized on Sunday, March 2, 2025, as traders awaited further information regarding a mysterious VIP meeting involving Charles Hoskinson, the founder of Cardano. The token was trading at $0.6610, up 15% from last week’s lowest level, but still showing a lack of significant momentum.
Hoskinson’s VIP Meeting Sparks Speculation
A key factor driving ADA’s market sentiment was the much-anticipated meeting between Hoskinson and an unnamed VIP. Speculation ran wild, with many believing he was set to meet either former President Donald Trump or Elon Musk. Some also suggested that the meeting could involve the Department of Government Efficiency (DOGE).
Hoskinson fueled speculation when he posted on X (formerly Twitter) that he would be skipping ETH Denver to attend a meeting in Florida. This announcement coincided with Trump’s visit to Mar-a-Lago, further increasing the likelihood that the two may have met.
“Sorry I’ll miss ETH Denver but I had to go to Florida for a thing.” — Charles Hoskinson (@IOHK_Charles), February 27, 2025.
However, Hoskinson has remained silent on the meeting’s outcome, only stating that he would not comment further until tangible legislative updates arise. He clarified that he was not being appointed to a crypto-related government role, 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 Supporters Hope for Major Developments
Cardano supporters had high expectations from the meeting, with many pushing for Musk to integrate Cardano’s blockchain into key government functions. Enthusiasts cite Cardano’s U.S. origin, 100% uptime, and high transaction speeds as strong reasons for adoption.
While the meeting’s details remain unknown, investors are closely watching for any updates that could impact ADA’s price trajectory and adoption prospects.
Cardano Price Outlook
From a technical perspective, Cardano’s price has been in a downtrend since peaking at $1.328 in November 2024. It recently hit a low of $0.068, forming a death cross pattern, where the 200-day and 50-day Weighted Moving Averages flipped—typically a bearish sign.
However, the Relative Strength Index (RSI) has formed an ascending channel, while the Personal Price Oscillator remains below the zero line, indicating mixed signals for traders.
On the bullish side, ADA has formed a falling wedge pattern, a potential signal of an upcoming breakout. It has also reached the 61.8% Fibonacci retracement level, a historically significant point for price rebounds.
Key Levels to Watch:
- Bullish confirmation: A breakout above $0.789 (50-day moving average and 50% retracement level) could signal a strong rally.
- Bearish risk: A drop below $0.515 would indicate further downside potential.
While Cardano’s price remains stable, traders and investors eagerly await clarity on Hoskinson’s VIP meeting. Whether the outcome leads to regulatory progress or industry adoption, ADA’s future price action will likely be influenced by both fundamental developments and technical signals. Until then, the market remains neutral, with potential for either a breakout or further downside depending on upcoming announcements.
