Can Cardano Price Hit $10 if Elon Musk Uses ADA For X Payments?

Cardano price is facing bearish pressure, a day after it soared by over 50% following its inclusion in US Strategic Reserves. It has crashed below $1 and erased over $11 billion in value in the last two days. So, can ADA price stage a phoenix-like recovery to $10 if Elon Musk decides to use it for X payments?

Cardano Price in Focus After Hoskinson X Post to Elon Musk

ADA remains in a deep retracement following its strong surge on Sunday when Donald Trump included it in Strategic Crypto Reserves. This retreat is likely because such a reserve will need congressional approval, a hard thing in a sharply divided Washington.

One potential catalyst for Cardano came from Charles Hoskinson, its founder. In an X post to Elon Musk, he made recommended a fix for Dogecoin to make it the standard currency for X. Musk has been working bringing payments to X, and has already partnered with Visa. He recommended providing the Bitcoin roadmap he wrote many years ago.

Hoskinson Elon Musk X Post

But what if Musk decided to partner with Cardano and incorporate ADA for X payments? Besides, Cardano is a highly decentralized blockchain that recently passed its constitution, has fast transaction speeds, and has a record of a 100% uptime.

Further, Cardano will be one of the first blockchains to integrate with Bitcoin. As such, a partnership between Cardano and X would be a big deal as it would increase its utility and the number of users since X has over 600 million monthly active users.

It is unclear whether Elon Musk has met with Hoskinson to discuss such a partnership. Some Cardano fans expected him to to be the secret guest at his VIP meeting on March 1.

ADA Price Analysis: Can Cardano Soar to $10?

Cardano trades at $0.80, meaning that it needs to surge by 1,150% from the current level. Such a surge is possible, especially if Cardano inks a major partnership, especially with a company like X. It would also benefit from the ADA ETF approval and the inclusion into strategic crypto reserves. Cardano has already had such a jump as it soared by 2,238% from its 2020 low.

Cardano price has strong technicals. On the daily chart, the coin made a strong bullish breakout on Sunday, moving from the upper side of the falling wedge. It has now retested the upper side, a popular bullish continuation sign. ADA remains above the 200-day moving average.

Cardano Price Chart

The short-term ADA price forecast is bullish, with the initial target to watch being at $1.167, its highest level this week. A move above that level will lead to more gains to $1.328, the November 2024 high. This will be followed by the all-time high of $3. A drop below the support at $0.511 will invalidate the bullish view.

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