Cardano price could soon change trajectory after speculations filled the crypto space, involving a potential partnership with the National Aeronautics & Space Administration (NASA). If this high-profile collaboration comes to fruition, it could propel the price of Cardano to unprecedented heights.

The speculation happens against a 1.2% drop in ADA price in the last 24 hours. Cardano traded at $0.3537 during New York pre-market hours after Bitcoin price slid 0.4%, nearly breaking below the $72,000 mark.

ADA/USDT Price Chart

Cardano Price If NASA Partnership With ADA Is True

On October 30, rumors of a Cardano partnership with the United States National Aeronautics & Space Administration (NASA) hit the crypto X space, sparking speculation of Cardano’s future price surges.

Cardano x NASA

Big news coming out: Rumor has it that @Cardano_CF could be working with NASA on a groundbreaking project to revolutionize supply chain management leveraging $ADA.

Imagine the possibilities – blockchain tech + space exploration?

This could mark a massive… pic.twitter.com/heRgBhG5Iu

— EL (@TheUnpopularEL) October 30, 2024

Official information from Cardano Global Communications Director Renagh Mooney suggests there could be some validity to the rumors.

In the highlights of the two-day Cardano Summit held in Dubai, Mooney writes that NASA Systems Engineer Matthew Vaerewyck explained how blockchain could be used in “transforming space mission design and efficiency by integrating a digital decentralized tracking technology that removes middlemen and reduces costs for multinationals.”

His presence at the summit and comments on blockchain’s role in boosting NASA’s space missions may have spurred the Cardano army to speculate on a potential partnership. However, there was no exclusive mention of a partnership. 

Top crypto analyst Ali has predicted that ADA could begin its ascent around November 18. His forecast is drawn from 2020 historical data on ADA price action. According to Ali, Cardano is likely to top out by September 2025  around $6.31 per coin.

ADA Could Hit $22 If A Partnership Is Confirmed

If a NASA partnership with ADA gets announced down the road, it could be profound for Cardano price. It would attract significant attention, institutional interest, and capital to the network.

NASA’s fiscal year 2024 budget, released on March 9, was $27.2 billion. That’s $1.8 billion more than in 2023 and $4.6 billion higher than in 2020’s budget. This is how much the Cardano network would be moving. Assuming the ADA price swells to match this budget, ADA price would be $0.76.

However, the speculation doesn’t end there. Such a huge partnership would attract heavy institutional investors and probably prompt a speedy approval of a spot Cardano ETF in the U.S. Bitcoin has increased by 54.98% since its ETF got approved. Since BTC is 113 times larger than ADA, it would require 113 times less volume to push Cardano price higher. This means Bitcoin’s 54.98% increase is equivalent to a 6,235% surge for ADA. This would put it at $22.49 from the current price.

Cardano Price Analysis: These Are The Levels to Beat

Since early 2023, a clear ascending support trendline has been acting as a base for price increases. This trendline is gradually rising and suggests higher lows over time, indicating accumulating bullish momentum.

The nearest resistance is around $0.80. A breakout above this level would confirm a larger bullish pattern, likely triggering stronger buying interest. Beyond that, $3.10 is the next major target which also marks a historical high.

The ascending trendline around $0.35 provides immediate support. A weekly close below this trendline could invalidate the bullish outlook.

Cardano Price Analysis Chart

Cardano price has immediate support, provided by the ascending trendline of around $0.35. A weekly close below this trendline could invalidate the bullish outlook.

The post How High Could Cardano Price Go If NASA & ADA Partnership Is True? appeared first on CoinGape.

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Filed under: News - @ October 31, 2024 11:22 am