Cardano

Rally

FOMO

Bitcoin

Cardano Price Analysis: <a href="https://coingape.com/markets/cardano-price-analysis-can-ada-rally-to-1-after-downside/" rel="noopener noreferrer nofollow">ADA</a>, the native cryptocurrency of the Cardano ecosystem has been rising for three consecutive days amid broader market recovery. The <a href="https://coingape.com/trending/is-robert-kiyosaki-bitcoin-crash-prediction-coming-true/" rel="noopener noreferrer nofollow">Bitcoin</a> price reversal from $55000 and resilience to the continued selling from the German government has eased supply pressure from the market. The renewed recovery has uplifted the ADA price to $0.384, heading close to a bullish breakout from a major reversal pattern.
Also Read: <a href="https://coingape.com/major-investment-advisor-dives-into-blackrock-bitcoin-etf/" rel="noopener noreferrer nofollow">Institutional FOMO On Spot Bitcoin ETF As German Govt Continues BTC Sell-off</a>
<h2 id="b-cardano-price-analysis-is-a-breakout-from-the-wedge-pattern-imminent-b">Cardano Price Analysis: Is a Breakout from the Wedge Pattern Imminent?</h2>
<figure style="width: 100%" class="wp-caption alignnone"><img decoding="async" src="https://s3.tradingview.com/snapshots/a/AePdKmpI.png" alt="BINANCE:ADAUSDT Chart " width="1946" height="893">
 <figcaption class="wp-caption-text">
 Cardano Price Analysis| Tradingview
 </figcaption>
</figure>
Over the past four months, the <a href="https://coingape.com/price/cardano/" rel="noopener noreferrer nofollow">Cardano price</a> has witnessed a steady downtrend amid the wedge pattern formation. The two converging trendlines plunged the ADA price from $0.81 to $0.357, registering a loss of $55.9%.&nbsp;
However, in theory, this pattern indicates the maturity of bearish momentum which eventually bolsters buyers to regain control. Along with market recovery, the upcoming hard fork, bolstered by the altcoin, rebounded from the pattern’s support at $0.33 to $0.38 registering a recovery of 16%.
Cardano is gearing up for its next major update, the <a href="https://coingape.com/cardano-ada-jumps-5-as-major-governance-node-update-goes-live/" rel="noopener noreferrer nofollow">Chang Hard Fork</a>, which marks a significant step towards decentralized, community-run governance. The hard fork requires approval from 70% of stake pool operators after their testing and updating phases.&nbsp;
<blockquote class="twitter-tweet">
 Cardano is preparing for the Chang Hard Fork, set to occur by the end of July.
 It’s worth noting that before its previous hard fork in 2021, <a rel="noopener noreferrer nofollow" href="https://twitter.com/search?q=%24ADA&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ADA</a> surged 130%, from $1.35 to $3.10 in just a month. <a rel="noopener noreferrer nofollow" href="https://t.co/E8zTEgZM6k">pic.twitter.com/E8zTEgZM6k</a>
 — IntoTheBlock (@intotheblock) <a rel="noopener noreferrer nofollow" href="https://twitter.com/intotheblock/status/1809588621315289146?ref_src=twsrc%5Etfw">July 6, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
Historically, such updates have had substantial impacts on Cardano’s token, ADA; for instance, the Alonzo hard fork in 2021 spurred a remarkable 130% surge in ADA’s price from $1.35 to $3.10 within a month. This impressive performance underscores the potential impact of major network upgrades on Cardano’s market value.&nbsp;
<blockquote>
 During a Sunday <a rel="noopener noreferrer nofollow" href="https://www.youtube.com/watch?v=yvJLrNTCP4Y">livestream</a>, Cardano founder Charles Hoskinson announced that the network’s upgraded node, referred to as node v9.0, is prepared for release. This crucial update is scheduled to roll out next week, provided there are no unforeseen issues.
</blockquote>
Amid the development, the ADA price is more likely to breach the upper boundary of the wedge pattern. A potential breakout will signal the early sign of trend reversal and provide buyers with suitable support.
A post-breakout rally could drive the <a href="https://coingape.com/cardano-usda-set-to-launch-amid-global-stablecoin-push/" rel="noopener noreferrer nofollow">Cardano</a> price to $0.52, followed by $0.62.
<h2 id="b-technical-indicator-b">Technical Indicator:</h2>
<ul>
 <li style="font-weight: 400;" aria-level="1">RSI: A notable higher-low formation in the daily <a href="https://coingape.com/glossary/rsi-relative-strength-index/" rel="noopener noreferrer nofollow">Relative Strength Index</a> slope marks the increasing accumulation trend in the asset during a market dip</li>
 <li style="font-weight: 400;" aria-level="1">EMAs: The 0-and-50-day Exponential Moving Average as dynamic resistance indicates the near-term trend is active bearish.</li>
</ul>
The post <a href="https://coingape.com/markets/cardano-price-analysis-how-chang-hard-fork-drive-ada-to-0/" rel="noopener noreferrer nofollow">Cardano Price Analysis: How Chang Hard Fork Can Drive ADA Rally to $0.6</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Cardano Price Analysis: How Chang Hard Fork Can Drive ADA Rally to $0.6

Table of Contents

Coingape News Media

Other articles published on Jul 10, 2024

MoonBag’s Victory Lap: Dominating 2024’s Best Crypto Presale Race Ahead of Tron and Near Protocol

What’s Ahead for ETH with Spot Ethereum ETF on the Agenda?

Payeer's Record Fine: A Landmark in Crypto Regulation

Whale Influences DeFi Market

Crypto won big in the Supreme Court's Loper Bright decision

MoonBag’s Top Crypto Presale Triumph with $3.3M While Chainlink & ONDO Are Affected By Market Flu...

Join our free newsletter for daily crypto updates!