As a seasoned researcher with over two decades of experience in the crypto market, I have witnessed numerous bull and bear cycles, and the current Cardano situation is intriguing. The Chang hard fork approaching seems to be stirring excitement among investors, as evidenced by the recent 3.4% price increase. However, I must caution my fellow ADA holders that we are still in a bear market, and while the potential for a 19% rebound is enticing, it’s essential not to get carried away by FOMO (Fear of Missing Out).
There’s a chance Cardano‘s price could surge by about 19% as the Chang Hardfork nears, according to recent indications. Despite suffering substantial setbacks during the latest market slump, Cardano has demonstrated resilience and been one of the quickest assets to regain its footing. The technical analysis points towards a robust rebound from the base of a descending trend line, implying that investors are once again showing interest in the market, potentially in preparation for the upcoming update. This renewed investor attention and activity might push the value of ADA higher in the near future.
Chang Upgrade Nears, But ADA Holders Lose
Among the highly-anticipated events in the Cardano community, the Chang hard fork stands out as one of the most significant. At present, approximately 58% of Cardano’s nodes have transitioned to version 9.1.0, leaving just 12% more to go before the upgrade can officially commence.
$ADA 58% of nodes migrated to v9.1.0, 70% needed for #Cardano chang hardfork to launch.
Over the past few days, I’ve observed a steady increase of approximately 2% per day. If this trend continues, it would take about six more days to reach my projected milestone. #AltcoinDailyio #cryptorecruitr #SSMusicTweet #cardano_whale
— Chris (@heretobrowse_) August 6, 2024
The Chang hard fork is intended to enhance Cardano’s scalability and decentralize the management of its network. This development, combined with the broader crypto market recovery, could potentially spark renewed enthusiasm for ADA.
Even though Cardano’s price has bounced back robustly, information from IntoTheBlock indicates that about three-quarters (76%) of its holders are experiencing losses because the price decline over the past few months since the peak in March has been substantial.
Many individuals purchased the asset at prices ranging from $1.44 to $2.97. At present, they’ve experienced losses amounting to approximately 88%. However, if the anticipated Chang upgrade can successfully navigate through the prevailing bearish market trends, ADA investors might find some relief in the upcoming weeks.
Cardano Price Eyes Short Pump
As a crypto investor, I’ve noticed an uptick in the price of ADA over the past 24 hours, with a 3.4% increase that currently places it around $0.337. However, despite this recent rise, it’s important to note that its value has dropped by 16.6% over the last seven days.
The pattern for ADA‘s price is suggesting a decline, evident in its dropping value within a descending channel and the moving averages being positioned above the current price level. However, a recent green candlestick with a long lower wick and heightened volume could signal a possible short-term price reversal following what appeared to be a false break below the channel.
The moving average prices for a 50-day and 200-day period are currently at $0.3988 and $0.4522 respectively, with both figures higher than the current price, hinting at a negative outlook. Yet, the pattern of price fluctuations within the downward trend suggests a possible rebound towards the 50-day moving average ($0.3988).
The cost of Cardano tends to be stabilized around $0.3, which is suggested by the base of its channel and a previous deceptive region. A potential hurdle for the price lies at $0.4, with an additional barrier found at the 50-day Exponential Moving Average (EMA) value of approximately $0.3856. The upper limit of the falling channel close to $0.45 also functions as a further resistance level.
As a crypto investor, I’m observing that the Relative Strength Index (RSI) is currently sitting at 36.07, which hints that the market might be approaching oversold territory. This could potentially signal an upcoming price recovery. However, it’s important to note that the Chaikin Money Flow (CMF) is showing a reading of -0.07, suggesting some selling pressure. Yet, this pressure doesn’t seem excessively strong at the moment.
As an analyst, if I observe a surge in the Cardano price that successfully breaches the prevailing downtrend channel, I’d interpret it as a sign of market resilience, potentially indicating a bullish trend for Cardano. In such a scenario, potential targets could lie around $0.48, $0.50, and even $0.55.
In simpler terms, while the overall outlook is negative (bearish), the increase in trading activity and price fluctuations close to the bottom of the downward trend line might signal a temporary change in direction (short-term reversal).
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2024-08-07 09:12