Cardano Releases First Chang Upgrade Support Node as ADA Price Eyes Upwards Breakout

Key Takeaways

• Cardano Node 9.0.0 release propels Chang Upgrade forward.
• ADA price recovers from July crash.
• Major rally likely if ADA breaks resistance.

Cardano (ADA) is on the verge of a major milestone with the release of Cardano Node 9.0.0, marking a crucial step toward the highly anticipated Chang hard fork, its most important upgrade to date.

The asset’s price has been reflecting the community’s anticipation, recovering from its July crash and heading toward key resistance levels. A breakout in the coming weeks could start a major rally.

Cardano’s Chang Upgrade Gets The First Prerequisite

Romain Pellerin, CTO at Input Output Global (IOG), highlighted the milestone on social media, calling it a “big deal” and a “foundational moment.” He emphasized that the Chang upgrade will enable decentralized governance, allowing the Cardano community to vote and shape the network’s future. 

Cardano founder Charles Hoskinson has also frequently praised the latest node release, Node 9.0, as the most important milestone in the network’s history  as it looks to usher in the final stage of its development phase, Voltaire.

According to Hoskinson, once 70% of the Stake Pool Operators (SPOs) update to the latest node, the network will embrace the Chang hard fork and herald CIP-1694. This upgrade will transform the Proof-of-Stake network into a functional decentralized governance system, empowering users to take control of the network, vote on governance actions, and more.

ADA Price Analysis 

Cardano’s price has steadily declined since peaking at $0.80 on March 14. By mid-April, it had dropped to $0.4, only to rebound slightly but never above $0.5. Despite several recovery attempts, ADA has struggled to surpass $0.50 over the past three months and has continued to trend downward.

By July 5, ADA had breached a horizontal support level, plummeting to a low of $0.32, where the 0.786 Fibonacci level resided. After tapping the level, the price performance took a turn for the better and gained 20% 

Additionally, Cardano’s daily RSI dropped to an oversold level of 32%, suggesting that ADA could stage a complete recovery from its Q2 2024 decline. Echoing this sentiment, the daily MACD also shows bullish convergence with green oscillator bars.

However, to spark this recovery, Cardano must rise past the $0.50 mark and establish a higher low during any subsequent downturn. Meeting these conditions could lead to a sustained uptrend with a potential target of around $1.

According to the Elliott Wave Theory, if Cardano’s recent price action marks the end of its Wave 2 correction, the following uptrend could represent its Wave 3, often extending to a 1.168 Fibonacci extension. Should this scenario materialize, ADA could exceed the $1 mark.