Cardano’s ADA coin has surged by 2.3% in the past 24 hours, reaching approximately $0.408. This increase comes just days before the highly anticipated Cardano Chang hard fork, creating a buzz among the Cardano community and investors. The price movement raises expectations for further significant fluctuations as the hard fork approaches.
What Will Happen After the Hard Fork?
In March, ADA experienced its peak for the year during a mini bull run but subsequently fell into a descending wedge pattern, typically a bullish signal. Despite a death cross on May 11, 2024, where the 50-day simple moving average dropped below the 200-day average, there is still optimism for a recovery. ADA’s current price remains below both the 50-day and 200-day averages, but this might change soon.
To confirm a breakout, ADA must exceed the resistance level around $0.47 or retest the upper trend line of the wedge formation near $0.37. Failure to stay above this level could invalidate the breakout, potentially leading to a decline. If bullish momentum persists, ADA could surge by 98%, reaching this year’s highest levels, with crucial resistance points at $0.47, $0.54, and $0.6.
Which Support Levels Should Investors Monitor?
In bearish scenarios, ADA could find support around $0.37 and $0.33 before attempting another rally. Alternatively, the price might enter a consolidation phase between $0.47 and $0.36, hindering the expected breakout. Investors should carefully monitor these scenarios to predict ADA’s next price direction.
Recent data from Coinalyze shows a 3.5% increase in ADA’s Open Interest (OI) over the last 24 hours, with 70% of investors taking long positions. This shift in sentiment indicates heightened optimism among market participants.
The forthcoming Chang hard fork is set to be a pivotal event for Cardano, aiming to boost decentralization and unlock 1.5 billion ADA through a DAO-like proposal and voting system. This development has generated excitement within the ADA community and is expected to have a positive impact on the altcoin’s price.
Key Takeaways
– ADA needs to break past $0.47 or retest $0.37 to confirm a breakout.
– Critical resistance levels include $0.47, $0.54, and $0.6.
– Support levels to watch are $0.37 and $0.33.
– A consolidation phase between $0.47 and $0.36 could occur.
– Coinalyze data shows rising investor optimism.
As the Cardano Chang hard fork nears, the altcoin’s price movement will be closely watched by the community and investors. The expected improvements in decentralization and accessibility could further strengthen ADA’s position in the market.