Flow

Cardano

bullish

Rise

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/cardano-eyes-20-potential-rise" data-wpel-link="internal" rel="noopener noreferrer nofollow">Cardano Eyes 20% Potential Rise</a><br></p>
<p style="text-align: justify">Cardano (ADA), a leading altcoin, is demonstrating promising signs of recovery with a potential 20% rise on the horizon. This development comes as the cryptocurrency community eagerly anticipates the upcoming Chang hard fork, a crucial update aimed at enhancing the Cardano network’s scalability and decentralization. Technical analysis shows ADA rebounding from the bottom of a falling channel, suggesting increased buyer interest in anticipation of the upgrade.</p>
<h2 id="what-is-the-chang-hard-fork">What is the Chang Hard Fork?</h2>
<p style="text-align: justify">The Chang hard fork is designed to boost Cardano’s scalability and decentralize its governance structure. To date, 58% of Cardano nodes have upgraded to the new version v9.1.0, with just 12% more required to trigger the upgrade. This major event has generated significant interest in ADA among <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank" data-wpel-link="exclude">investors</a> and market participants.</p>
<h2 id="why-are-investors-still-in-loss">Why Are Investors Still in Loss?</h2>
<p style="text-align: justify">Despite recent price recovery, <a href="https://newslinker.co/how-does-artificial-intelligence-work/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="exclude">data</a> from IntoTheBlock reveals that 76% of ADA investors are still at a loss, having bought the asset at higher prices. Many investors who purchased ADA between $1.44 and $2.97 are facing losses of up to 88%. Nevertheless, sustained bullish momentum from the Chang upgrade could provide some relief to ADA holders in the upcoming weeks.</p>
<h2 id="technical-indicators-and-price-levels">Technical Indicators and Price Levels</h2>
<p style="text-align: justify">ADA has seen a 3.4% rise in the past 24 hours, trading at approximately $0.337, although it has dropped 16.6% over the past week. The current price movement within a falling channel suggests a corrective wave might return to the 50-day EMA, which stands at $0.3988. The nearest support level is around $0.3, with resistance at $0.3856 and $0.4, aligning with the 50-day EMA.</p>
<h2 id="indicators-to-watch">Indicators to Watch</h2>
<p style="text-align: justify">Key indicators to monitor include the Relative Strength Index (RSI) at 36.07, close to the oversold region, indicating potential price recovery. The Chaikin Money Flow (CMF) at -0.07 reflects some selling pressure, though it is not excessively strong. If ADA’s price breaks above the falling channel, it could signal market strength and set new targets around $0.48, $0.50, and $0.55.</p>
<h2 id="key-takeaways-for-investors">Key Takeaways for Investors</h2>
<ul>
 <li>Monitor the completion and impact of the Chang hard fork upgrade.</li>
 <li>Track technical indicators like RSI and CMF for potential recovery signals.</li>
 <li>Be aware of critical support and resistance levels, particularly around $0.3 and $0.3856.</li>
 <li>A price breakout above $0.45 could signify strong market momentum.</li>
</ul>
<p style="text-align: justify">In conclusion, while Cardano shows promising recovery signals, investors need to keep a close eye on technical indicators and critical price levels to make informed decisions. The upcoming Chang hard fork could be a pivotal event that might further influence ADA’s price trajectory.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/cardano-eyes-20-potential-rise" data-wpel-link="internal" rel="noopener noreferrer nofollow">Cardano Eyes 20% Potential Rise</a></h5>

Cardano Eyes 20% Potential Rise

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