Breaking Out To New All-Time High

The Cardano price has jumped to a new all-time high of $1.7779 on news that founder Charles Hoskinson has dined with the Governor of Wyoming.

A tweet from the founder of Cardano on May the 8th showed him at dinner with the Governor of Wyoming Mark Gordon. Other guests included Edward Seidel, the Wyoming University president.

The Cardano price has reacted favorably to what could be an interesting development. The coin is currently higher by 8.23%, to $1.7563. Earlier in the session, the price set a new record of $1.7779.

The tweet prompted not only a price response but particularly caught the attention of Binance Exchange CEO Changpeng Zhao, who said of the meet:

The more these types of gathering happen, the better relationship the crypto industry has with regulators and governments.

Cardano trades under the ticker ADA. It’s currently the 5th largest crypto asset and has a market cap of $56.17 Billion.

The Cardano blockchain was set up with an idealistic vision which is outlined on its description:

Cardano is a proof-of-stake blockchain platform that says its goal is to allow “changemakers, innovators and visionaries” to bring about positive global change.

Cardano Price Outlook

On the daily chart, we can see that The Cardano price has broken out of a rising channel at 1.7875.

This should provide be a bullish catalyst for the price, and a close above this level may attract momentum buyers.

However, a close back inside the channel may suggest a false break out. Subsequently, the Cardano price could then fall back to the midpoint of the channel, at $1.3658.

In light of the recent developments, I am bullish on the Cardano price and suggest adding a positive closing price outside the channel.

Risk-averse longs should place a stop below the $1.5570 high from April 24th. For traders with a higher risk profile, a stop below $1.3658 allows more room to hold the position.

Don’t miss a beat! Follow us on Telegram and Twitter.

Cardano Price Daily Chart

Follow Elliott on Twitter.