As a seasoned analyst with a background in blockchain technology and cryptocurrency markets, I have closely monitored Cardano’s (ADA) recent price action. The ongoing bullish trend is noteworthy, with ADA posting impressive gains of approximately 4% in the last day and 17% over the previous week, according to CoinMarketCap data.
Cardano hasn’t been left out of the current resurgence, just like Bitcoin and other leading altcoins. Based on information from CoinMarketCap, ADA, its native currency, has increased by around 4% in the last day and an impressive 17% over the past week.
Analyst: Bulls To Lift ADA By 2X
Despite ADA recovering from its latest setbacks, one analyst anticipates further growth. On platform X, the analyst expressed optimism, predicting potential price surges for ADA that may result in a medium-term increase of more than double its current value.
From a technically optimistic perspective, the daily chart’s candlestick pattern is the main focus for the bullish viewpoint. Over the past few weeks, the price of Cardano (ADA) has experienced a significant surge. It started below $0.35 on July 8 and reached over $0.44 at the time of writing.
As an analyst, I’ve observed a notable increase in trading activity, which coincides with the price surge of ADA. Despite the sideways movement over the past few days, the overall trend remains bullish. With this momentum, it seems that buyers are aiming for the next significant resistance level at $0.51, a crucial point for potential liquidation. Additionally, there’s speculation about reaching the May 2024 highs as part of this uptrend.
Noted is the significant increase in ADA prices between June and July 2024, which caused the coin to break free from a bull flag pattern. According to the analyst’s assessment, the price surge surpassing the descending wedge and prolonged resistance trendline on July 13 was a clear sign of bullish momentum. Crucially, this upward move has been validated by buyers, instilling optimism in the market.
Although there’s an uptrend anticipated, ADA, a notable altcoin, gains momentum due to Bitcoin and Ethereum‘s price recuperation. Furthermore, investors are optimistic based on underlying factors, with significant emphasis on the upcoming Chang fork activation within the next fortnight.
Cardano Preparing For Chang Hard Fork And Voltaire
As a long-term Cardano investor, I’ve witnessed the project’s steady growth over the years. Each transition, from Byron to Basho, has brought about significant improvements that have positively impacted ADA prices and holders. With the upcoming Chang hard fork on the horizon, it seems that the market is responding in kind, as the price of ADA expands in anticipation.
Starting from this update, we can consider it as the initiation of the Voltaire phase in Cardano’s development. During this stage, the focus is on distributing power in governance by granting voting privileges to ADA token holders. To accomplish this, Cardano’s developers are introducing Delegate Representatives who will play a crucial role in decision-making. Additionally, efforts will be made to enhance transaction processing speeds and fortify the network’s security.
The development team introduced version 9.0 of the Cardano node prior to the scheduled Chang hard fork. This significant update signified the conclusion of principal development tasks and the initiation of on-chain governance. Nevertheless, some minor adjustments are essential for implementing components as outlined in the Cardano constitution.
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2024-07-18 05:10