CDS Crypto News Cardano Price Surges Following Successful Chang Hard Fork
Crypto News

Cardano Price Surges Following Successful Chang Hard Fork

Cardano's ADA price rises following the successful Chang hard fork, introducing decentralized governance. Explore the latest price movements, comparisons with Ethereum and Layer 2 solutions, and potential future trends.

110
Cardano Price Surges Following Successful Chang Hard Fork

Cardano Price Surges Following Successful Chang Hard Fork

In the past 12 hours, Cardano (ADA) has seen a notable price increase following the successful implementation of the Chang hard fork. This significant upgrade marks the official introduction of decentralized governance on the Cardano network, granting users complete ownership of the blockchain and the power to influence its future direction. The bold move has earned praise from crypto experts, with Cardano’s founder and development team receiving accolades for their efforts. In contrast, Ethereum has faced criticism for maintaining a largely centralized structure.

Cardano Price Performance Post-Chang Upgrade

In the wake of the Chang upgrade, ADA’s price experienced an initial surge of 2.45%, briefly retracing before climbing higher. Overall, the cryptocurrency has risen 3.23% from its weekly low on September 2.

Cardano Price Surges Following Successful Chang Hard Fork

According to data from Santiment, the network’s realized profit/loss saw an increase on August 27, despite a decline in price during the same period. This trend suggests that investors may have been selling their holdings to lock in profits, yet many remain in profit due to a previous price peak on August 24, when ADA reached $0.40.

Further data from Coinglass reveals that futures traders are increasingly taking long positions on ADA, indicating optimism that the price will continue to rise.

Cardano Price Surges Following Successful Chang Hard Fork

Additionally, Cardano’s Relative Strength Index (RSI) on both daily and weekly charts has dipped to 42 and 40, respectively, indicating that the asset remains in a neutral zone, albeit slightly below the midpoint.

Cardano Price Surges Following Successful Chang Hard Fork

Can ADA Outperform Ethereum and Layer 2 Solutions?

The launch of the Chang hard fork has sparked comparisons between Cardano, Ethereum, and various Layer 2 solutions on social media platforms like X. Justin Bons, founder and CIO of Cyber Capital, criticized the promise of future decentralization from Layer 2 networks, suggesting it falls short of expectations.

Cardano Price Surges Following Successful Chang Hard Fork

Over the past three months, Cardano has outperformed a combination of Layer 2 solutions, including Optimism (OP), Arbitrum (ARB), and Polygon (MATIC).

With Cardano now fully decentralized, the rate of development may accelerate as the community rallies to build a stronger blockchain. While Ethereum’s mainnet boasts over 800,000 active validators, networks like Optimism and Arbitrum depend on a single entity, the Sequencer, for block production.

Currently, Cardano’s price is forming a falling wedge pattern on the 4-hour chart, which may lead to a breakout. Such a move could trigger an 18% price increase, pushing ADA above the 50-day exponential moving average (EMA) and towards the $0.40 target, where the first resistance level lies. If this resistance is breached, the price could climb another 11% to $0.44, surpassing the 200-day EMA and shifting the trend from bearish to bullish.

Cardano Price Surges Following Successful Chang Hard Fork

However, should Cardano fail to break out of the falling wedge, it could indicate market weakness, potentially leading to further declines towards the next support levels at $0.3132 and $0.2425.

The successful Chang hard fork has bolstered investor and expert confidence in Cardano. While the price is gradually responding to this development, increased trading volume may be necessary to confirm a breakout.

Cardano Price Surges Following Successful Chang Hard Fork

Leave a comment

Leave a Reply

Related Articles

EigenLayer (EIGEN) Price Prediction: 2024-2030

EigenLayer (EIGEN) Price Prediction: 2024-2030

Bitcoin Price Surge: Analysts Predict Further Gains After New All-Time Highs

Analysts predict Bitcoin's price could continue to rise, targeting $78,000 to $85,000,...

IBIT ETF Breaks Inflow Record Amid Bitcoin Surge

BlackRock's iShares Bitcoin Trust hits record $1.12B inflows, leading the Bitcoin ETF...

Ether Price Set to Break Above $3,200 Amid Post-Election Optimism, Say Analysts

Analysts predict Ether could break above $3,200 in the short term, driven...