As a seasoned crypto investor with a knack for spotting promising projects and navigating market turbulence, I must say that the recent surge in Cardano’s price following the successful Chang hard fork has piqued my interest. The shift towards decentralized governance is a game-changer, positioning Cardano to potentially outdo its competitors like Ethereum and Layer 2 solutions in terms of community-driven development and network resilience.
12-hour ago, the price of Cardano climbed due to the successful execution of the Chang hard fork. This significant event marked the introduction of decentralized governance within the network, granting users full control and authority over the chain. They can now determine its future direction. The innovative move by Cardano’s Founder and developers has garnered praise from crypto experts, while Ethereum has faced criticism for maintaining a centralized structure.
Cardano Price After Chang Upgrade
After the Chang update, the price of ADA increased by 2.45%, only to dip temporarily before climbing further. In total, the price of Cardano has risen by 3.23% since it hit its lowest point for the week on September 2.
According to data from Santiment, it appears that there was an increase in realized profit or loss on August 27, yet the price dropped during the same timeframe. This could suggest that some investors may have sold off their assets to secure their profits.
It seems that a good number of investors are still making a profit, even with the price decrease, due to the significant price spike they experienced before, which reached $0.40 on August 24.
According to Coinglass data, it appears that futures traders are choosing to go long on a daily basis, indicating a positive outlook as they believe the value of Cardano may rise over time.
Furthermore, the day-to-day and week-to-week Cardano Relative Strength Index (RSI) dropped to 42 and 40 respectively, indicating that Cardano remains in a neutral state, yet just beneath the average level.
Can ADA Price Outdo ETH and Layer 2s?
After the implementation of Chang Hard Fork, crypto analysts have begun examining X as they weigh Cardano against Ethereum and other Layer 2 platforms. Justin Bons, founder and CIO of Cyber Capital, argues that the potential for L2s to become more decentralized in the future needs to be strengthened.
1/9) Promising to “decentralize” in the future is not good enough!
As all major L2s can steal & censor user funds right now!
While scaled L1 systems excel over L2 systems in multiple aspects such as speed, affordability, ease of use, and enhanced security.
L2 centralization is a slippery slope to nowhere
— Justin Bons (@Justin_Bons) September 2, 2024
In the past three months, Cardano has surpassed the collective performance of Optimism (OP), Arbitrum (ARB), and Polygon (MATIC).
With Cardano now operating as a decentralized network, there’s a good chance that development could pick up pace as the community works together to create a strong platform. In contrast, Ethereum’s mainnet boasts over 800,000 active validators, while Optimism and Arbitrum rely on a sole entity, the Sequencer, for block production.
On a 4-hour chart, there’s a potential pattern forming with Cardano’s price called a falling wedge, which may soon break out. This breakout could trigger a 18% jump in price, propelling it above the $0.40 level, where initial resistance awaits. If this resistance is breached, the price might rise further by 11%, reaching $0.44 and surpassing the 200-day EMA. This could signal a shift from a bearish to a bullish trend.
If the price of Cardano doesn’t manage to move beyond the descending trendline (falling wedge), this could indicate a weakening market, leading to potential decreases towards the predicted support levels at $0.3132 and $0.2425.
The hard fork on Cardano-Chainlink integration (Chang) has gained confidence from the majority of investors and cryptocurrency professionals. Although the price is gradually responding to this change, an increase in trading activity might be required to solidify the upward trend.
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2024-09-03 05:38