Cardano’s Chang Hard Fork Goes Live, But ADA Price Struggles—Is a Rally on the Horizon?
ADA price keeps declining after a major technical milestone. Can it make an upturn and when?
Key Takeaways
- Cardano’s Voltaire Chang hard fork enhances governance and decentralization.
- ADA price remains volatile, currently hovering around $0.30.
- Further downside is expected unless ADA breaks above descending resistance.
Cardano (ADA) has successfully implemented its Voltaire Chang hard fork, marking a pivotal step towards full decentralization and community governance.
This upgrade empowers ADA holders with direct influence over the network’s future, reinforcing Cardano’s commitment to sustainability and resilience.
However, despite this major development, ADA’s price continues its downward trend, remaining around $0.30—the same level it hovered at in early August.
Price Analysis
Cardano’s price has been on a turbulent ride, spiking to nearly $0.80 on March 14 before plummeting to a low of $0.32 by July 5.
This was followed by a 42% rebound to $0.45 on July 17, but the gains were short-lived as the price slumped to a new low of $0.27 on Aug. 5.
A brief recovery to $0.40 on Aug. 24 gave some hope, yet the price quickly reversed, undercutting the potential for a sustained downtrend reversal.
It slipped below the critical $0.35 level, initially viewed as the first wave of a larger uptrend.
Currently hovering above $0.32, which has provided support since Aug. 7, the failure to maintain upward momentum suggests that Cardano may remain in a bearish phase, with further lows potentially on the horizon.
ADA Price Prediction
Examining the wave structure on the hourly chart, we can see that the uptrend from Aug. 5 until 24 ended as a three-wave one.
This could mean we saw an ABC correction to the upside after an impulsive move led ADA to its yearly low on Aug. 5.
According to this projection, the downtrend since the Aug. 24 high is its next downward advancement.
Projecting the price target with the Fibonacci extension tool at the same length as the downtrend from mid-July to the yearly low, we come up with a target of $0.23.
However, as the price currently tests the horizontal support above $0.32, this scenario will be in play if and after a downside breakout occurs.
If it doesn’t, there would still be a slim chance of a bounce, leading to another recovery of at least $0.38.
In conclusion, the ADA is still in a major downtrend from its yearly high of $0.78 in March, and there are no signs of a reversal just yet.
This is why further downside movement is expected in the near term, and once we do see some positive signs, a strong confirmation of a significant price rally will start to be considered after a breakout above the descending resistance anchored at its high in December last year.
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