Cardano Reenters Top 10 Ahead of Landmark Network Upgrade: What’s Next For ADA?
Cardano overtakes Tron at the top 10 spot as the Chang Hard Fork preparations begin. ADA price makes a higher high signaling an uptrend.
Key Takeaways
- Cardano reclaims a spot in the top 10 TRX’s 10% price drop.
- Chang hard fork set to enhance Cardano’s governance and scalability.
- ADA staking rewards boost with new 30% earning feature.
Over the past few days, Cardano and Tron have been battling for a spot in the top 10 by market capitalization.
Tron initially surpassed Cardano, but the tables turned today as TRX’s price slipped by 10%.
Meanwhile, ADA continued its upward trajectory, gaining 8%, and reclaimed its position as the community anticipates the upcoming Chang hard fork.
Cardano’s fundamentals are strong and driving the price rise, but will it be enough to secure its top-ten spot?
Chang Hard Fork Coming Next Week
Cardano is preparing for the Chang hard fork, which promises to enhance the network’s scalability, governance, and overall performance. The hard fork, tentatively scheduled for Aug. 27, could be postponed to Sept. 3 if necessary. The final decision will be announced on Aug. 23.
The Chang hard fork will implement Cardano Improvement Proposal (CIP) 1694, which aims to give ADA holders a more democratic role in the network’s future development. Technically, it will improve network throughput and efficiency.
To proceed with the hard fork, 70% of nodes must update to version 9.1.0, and at least 80% of exchange liquidity must be ready to process transactions. While Cardano has already met the node readiness threshold, exchange liquidity remains behind, currently at 34.8%. Twenty-one exchanges are prepared for the update, while 19 others, including Binance, are still working towards it. Seventeen exchanges, such as Bybit, have yet to make progress.
Cardano Staking Rewards Up To 30%?
A pro-Cardano YouTuber has highlighted a new feature on the blockchain that allows ADA stakers to earn an additional 30% in rewards through the protocol’s Staking Baskets. During the Rare Evo 2024 event in Las Vegas, the YouTuber discussed this innovation with Cardano founder Charles Hoskinson and IOG community member Tim Harrison.
Cardano developers have created a solution within the Staking Basket smart contracts that lets users deposit just 10 ADA and earn 15% more rewards than those not using this feature.
Introduced in 2023, Staking Baskets were designed to enhance decentralization by allowing users to easily deposit ADA and delegate to multiple staking pools. Users can also create custom Staking Baskets with specific staking pool lists, further optimizing their staking strategy.
ADA Price Analysis
Cardano‘s price fell to a low of $0.27 on Aug. 5 but rebounded by nearly 29%, reaching $0.35 on Aug 11.
Following this recovery, the price experienced a slight pullback and traded sideways around $0.33, forming a symmetrical triangle pattern. The price broke out to the upside and made a higher high, reaching $0.37 on Aug. 21.
This breakout could indicate the beginning of the next upward move. If the recovery up to Aug. 11 and the subsequent consolidation were the first two sub-waves of a new bullish phase, Cardano might be gearing up for a breakout above its descending resistance.
Using the Fibonacci extension tool, a target of $0.45 is projected for wave 3. If this scenario unfolds, a retest of the broken resistance as support could lead to another rally, potentially pushing the price to around $0.50.
Cardano Joins Top 3 in Developer Activity— How Will This Impact ADA’s Price?
