Cardano Price May Surge Following Globant Deal and Hoskinson VIP Meeting

Cardano’s price has seen a notable surge, rising to a ten-day high, reaching around $0.80, which represents a 55% increase from its lowest point earlier this month. As of the latest check, Cardano’s market cap stands at approximately $28.5 billion, with a fully diluted valuation of $35.7 billion. This rise comes amid a broader rebound in the altcoin market, but the price spike is also linked to some key developments that could positively impact Cardano’s future prospects.

One of the major catalysts behind this surge is the recent announcement of a partnership with Globant, a publicly traded tech company with a market cap of nearly $10 billion. Charles Hoskinson, the founder of Cardano, confirmed the deal, stating that Globant would leverage Cardano’s blockchain to build decentralized applications (dApps). The partnership also includes plans to develop AI-related projects and applications. Globant, a prominent Argentinian company, specializes in helping businesses create applications, implement artificial intelligence, and drive digital transformations. Its well-known clients include industry giants such as Walt Disney, Nissan, and Royal Caribbean. This collaboration is seen as a significant step forward for Cardano, as it brings the blockchain closer to real-world, enterprise-level use cases.

Another factor driving Cardano’s positive momentum is the anticipation surrounding a scheduled meeting between Charles Hoskinson and a “VIP” on March 1. While the identity of the VIP remains a mystery, there is considerable speculation within the Cardano community about who it could be. Some fans believe it could be high-profile figures such as Elon Musk, Donald Trump, or David Sacks, who are influential in the worlds of crypto and AI. The speculation surrounding Musk is particularly strong, with Cardano enthusiasts hoping that a meeting with him could lead to the Department of Government Efficiency (DOGE) adopting Cardano’s blockchain. This is based on the belief that Cardano’s low transaction fees, its claim of 100% uptime, and its status as a “Made in USA” blockchain could make it an appealing choice for government and large-scale applications.

However, it’s important to remain cautious when interpreting Hoskinson’s announcements. He has, in the past, hinted at partnerships and developments that have yet to materialize. For instance, in January, he suggested a potential partnership with Chainlink (LINK), but no deal has been officially confirmed yet. Similarly, a much-anticipated collaboration to digitize Ethiopia’s education sector, announced in 2021, has not come to fruition. Given this track record, Cardano fans should approach these statements with tempered expectations, even though the potential outcomes of such collaborations are undoubtedly exciting.

Looking at Cardano’s technical indicators, the weekly chart shows that the price has stabilized and is currently testing the crucial resistance level of $0.802, which marks the highest point reached in March 2024. The price is also supported by the 50-week moving average, signaling some stability in the market. Additionally, Cardano has completed the second phase of the Elliott Wave pattern, a technical analysis model that suggests the price could soon enter a third, highly bullish phase. If the pattern holds true, the next target for Cardano would be the 61.8% Fibonacci retracement level at $2, which would represent a 155% increase from the current price.

In conclusion, Cardano’s recent rise can be attributed to several factors, including the promising partnership with Globant and the potential for high-profile collaborations. While caution is advised due to the uncertainty surrounding some of Hoskinson’s past announcements, the technical analysis indicates that there is strong potential for further price gains if the bullish Elliott Wave pattern plays out. Investors will likely be keeping a close eye on the developments around the VIP meeting and any future updates from the Cardano team to assess the next steps for the cryptocurrency.