Cardano Price Eyes 19% Rebound as Chang Upgrade Nears
The Cardano price is showing signs of a potential rebound, with a possible 19% increase on the horizon as the Chang Hardfork approaches. Despite experiencing significant losses in the recent market downturn, Cardano has been one of the strongest assets to recover. The technical analysis suggests a solid bounce from the bottom of a falling channel, which indicates that buyers are returning to the market, possibly in anticipation of the upcoming upgrade. This renewed interest and market activity could propel ADA’s price upward in the short term.
Chang Upgrade Nears, But ADA Holders Lose
The Chang hard fork is currently the most anticipated event on Cardano. 58% of Cardano nodes have migrated to v9.1.0, with only 12% more required to launch the upgrade.
$ADA 58% of nodes migrated to v9.1.0, 70% needed for #Cardano chang hardfork to launch.
It's going up 2% each day so 6 more days and we
@AltcoinDailyio @cryptorecruitr @SSMusicTweet @cardano_whale
— Chris (@heretobrowse_) August 6, 2024
The Chang hard fork is supposed to make Cardano more scalable and decentralize the governance of the network. Coupled with the general market rebound, this news may have facilitated the renewed interest in ADA.
Despite the recent strong cardano price rebound, IntoTheBlock data shows 76% of all ADA holders are underwater, as the price has taken a heavy hit over the months since the March high.
Most holders bought the asset between $1.44 and $2.97 and are currently up to 88% in losses. If the Chang upgrade news holds through the general bearish market conditions, ADA holders may find a reprieve in the coming weeks.
Cardano Price Eyes Short Pump
The price of ADA increased by 3.4% in the last 24 hours to trade around $0.337, but is still down 16.6% in the last 7 days.
The current trend for ADA price is downward, as shown by the falling price within the descending channel and the position of moving averages above the current price. A recent green candlestick with a long lower wick and increased volume indicates a potential short-term reversal after the fake-out below the channel.
The 50-day EMA is at $0.3988, and the 200-day EMA is at $0.4522, both above the current price, indicating a bearish sentiment. However, the price movement within the descending channel suggests a corrective wave back to the 50-day EMA ($0.3988).
Cardano price has support around $0.3, as indicated by the lower boundary of the channel and the recent fake-out area. The immediate resistance is at $0.4, followed by the 50-day EMA at $0.3856. The upper boundary of the descending channel near $0.45 also acts as a resistance.
The RSI is at 36.07, indicating it is near oversold territory, which may suggest a potential price rebound. The Chaikin Money Flow (CMF) is at -0.07, indicating some selling pressure but not excessively strong.
If the Cardano price rises and breaks above the falling channel, it would signal market strength and turn Cardano bullish. New targets would be 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 boundary of the descending channel suggests a potential short-term reversal.
The post Cardano Price Eyes 19% Rebound as Chang Upgrade Nears appeared first on CoinGape.
