Cardano (ADA) Price Sets for a Potential 19% Increase as the Chang Upgrade Approaches
Cardano’s price is indicating a potential rebound, with a possible 19% increase on the horizon as the Chang Hardfork approaches. Despite recent market downturns, Cardano has shown resilience and is poised for a solid bounce from the bottom of a falling channel, signalling a return of buyer interest, possibly in anticipation of the upcoming upgrade.
Chang Hardfork Anticipation
The Chang hard fork, aimed at making Cardano more scalable and decentralizing the network’s governance, is a highly anticipated event. Currently, 58% of Cardano nodes have migrated to v9.1.0, with the remaining 12% required for the upgrade launch. This news has likely contributed to renewed interest in ADA amidst the general market rebound.
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Despite the recent price rebound, data shows that 76% of all ADA holders are currently experiencing losses, with most acquiring the asset between $1.44 and $2.97 and facing up to 88% in losses. However, the upcoming Chang upgrade, along with the overall market conditions, may bring relief to ADA holders in the coming weeks.
In the last 24 hours, the price of ADA has increased by 3.4% to trade around $0.337, but it remains down 16.6% in the last 7 days. The current trend for ADA indicates a downward price movement within a descending channel, with moving averages positioned above the current price, reflecting a bearish sentiment. However, a recent green candlestick with a long lower wick and increased volume suggests a potential short-term reversal after a fake-out below the channel.
Price Action
ADA’s price has support around $0.3, as indicated by the lower boundary of the channel, with immediate resistance at $0.4. The price movement within the descending channel suggests a corrective wave back to the 50-day EMA at $0.3988. The RSI indicates oversold territory, with the potential for a price rebound, while the Chaikin Money Flow (CMF) suggests moderate selling pressure.
A break above the falling channel would signal market strength and turn Cardano bullish, with new price targets around $0.48, $0.50, and $0.55. Overall, the trend remains bearish, but the recent spike in volume and price action near the lower channel boundary suggests a potential short-term reversal.
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Michael Onche: Crypto aficionado and seasoned analyst. With a keen eye for market trends and a passion for blockchain technology, he deciphers the intricacies of cryptocurrency with precision. Michael’s expertise and insightful content make him a trusted guide for navigating the dynamic world of digital assets.
