The meeting of Cardano's founder with the President of Argentina, Javier Milei, is one of the most important bullish factors for ADA this week.

Cardano (ADA) has performed better than the overall market today, reaching $0.376 with an increase of over 4% in the last 24 hours and about 15% in a week. The key factors behind today's rise in ADA include the meeting between Charles Hoskinson and Argentine President Javier Milei, as well as whale accumulation.

The meeting between Hoskinson and Milei is putting Cardano to the forefront

ADA rose with the excitement created by Charles Hoskinson's meeting with Argentine President Javier Milei at Tech Forum Argentina on October 19th. The major coin, with the effect of the news, quickly reminded its old days by increasing by nearly 10 percent.

Rumors are circulating that Milei plans to launch a central bank digital currency in Argentina. According to Haskinson, Argentina is receptive to Cardano. For example, in June 2024, the Cardano Foundation formed another partnership to promote the adoption of the local blockchain.

ADA price is entering the descending wedge breakout phase

The recent rise of ADA is part of a broken falling wedge pattern, indicating that the token may see further gains in October and in the coming months.

The falling wedge pattern indicates that the price is decreasing over time and sagging towards the lower points of the peak and trough. As a technical analysis rule, it is resolved when the price rises above the upper trendline and rises up to the maximum distance between the upper and lower trendlines.

When we apply the same technical rule to the ADA chart, the upward target for 2024 is about $0.638, an increase of about 70% from current price levels. On the other hand, if the price returns to the wedge range, the bullish outlook will face the risk of invalidation, which will increase the probability towards the formation's peak point of $0.63.

This article does not contain investment advice or recommendation. Every investment and trading action involves risk, and readers should conduct their own research when making decisions.