As a seasoned researcher with a knack for deciphering the intricacies of the blockchain world, I find myself particularly intrigued by the current surge in ADA price. The impending Chang hard fork, slated for next week, is undeniably a catalyst for this upward movement. The anticipation surrounding the Voltaire era, with its promised scalability enhancements and on-chain governance features, has ignited a wave of bullish sentiment among traders.
Supporters of Cardano (ADA) are getting ready for a robust increase in price, thanks to several positive advancements lately. The main reason behind today’s 6% surge in ADA price is the upcoming major Chang hard fork on the network, scheduled for next week.
Here Are the Reasons Why ADA Price Is Up Today
Chang Hard Fork Scheduled For Next Week
According to Charles Hoskinson, the founder of Cardano, the planned Chang hard fork mainnet is set for Tuesday, August 27th. This upgrade signifies the start of the Voltaire era, bringing innovations such as Plutus V3 and on-chain governance into play. These additions aim to enhance the platform’s scalability and decentralization.
Preparations for a crucial decision, either go or no-go, have been scheduled for August 23rd. In anticipation, pre-production will split off on the 22nd of this month. The readiness of Cardano’s infrastructure has reached a substantial level, as 85% of blocks are now being minted by nodes running version 9.1.0. However, only 14 exchanges have so far prepared for the hard fork, according to Cexplorer data.
Massive Buying By Derivatives Traders
In the past two days, the open interest for Cardano futures has seen a bounce back, coinciding with the surge in recent development activities. This resurgence in buying activity suggests that traders are optimistic about a temporary increase in the price of ADA, driven by the upcoming upgrade.
Total ADA futures open interest (OI) climbed 4% in the last 24 hours, with 513.16 million ADA OI worth $187.46 million. Also, ADA OI has increased 0.13% in the last 4 hours. Notable buying activity was observed on crypto exchanges Bitget, BingX, Cryptocom, and Coinbase.
ADA Price To Rally After Breakout
As an analyst, I observed a significant event on Wednesday: The ADA price breached a six-month downward trendline in the daily timeframe, which ignited a surge in both spot and derivatives trading volumes. Furthermore, the price is poised to cross above the 50-Simple Moving Average (the blue line), potentially propelling it towards the 100-SMA (the red line).
Different signs like Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) suggest an impending price surge for ADA. Furthermore, a rise in network activity, optimistic trader attitudes, and excitement surrounding the Hydra Layer 2 solution may fuel the positive market trend for ADA’s cost.
In the past day, Cardano’s price surged by 6%, now standing at approximately $0.3731. It could potentially reach $0.45. Over the last 24 hours, its lowest and highest points were $0.3509 and $0.3773 respectively. Moreover, there’s been a notable uptick in trading activity by 30%, suggesting heightened curiosity from traders.
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2024-08-22 17:09