2024-8-22 21:39 |
Cardano (ADA) has gained slightly to trade at $0.37 at the time of writing. The coin could be set for even more gains after Cardano developers confirmed the date for the Chang Hard Fork, which will usher in the Voltaire Era and make the network more decentralized.
In a recent update, Cardano developers noted that they had come up with August 27 as the target date for the main hardfork. The developers further noted that by the end of the week, it would provide further updates on whether the mainnet hardfork was a “go/no go decision.”
“After reviewing the progress of desired thresholds over the last few weeks and the status of downstream components and tooling, the group agreed… that this was a suitable time to start the formal proceedings and the lead-up to the Chang hard fork can begin,” the statement read.
As reported by ZyCrypto, the Chang hard fork will benefit the Cardano ecosystem. This fork will introduce decentralized governance to the network, which could be the first step towards ADA’s getting a spot crypto exchange-traded fund.
A Bullish Signal for ADA?Hard forks tend to positively affect price, with analysts now predicting significant gains for ADA once the Chang hard fork goes live.
The token-tracking platform TapTools noted that during the last bull run, ADA posted a 2000% gain that saw it jump from $0.14 to $3.10. If such a rally happens following the hard fork launch, the ADA price could be headed to $7.
Last bull run $ADA price rose over 2000%..
Where is $ADA's price headed next? pic.twitter.com/OYiUbk0R0y
The market also appears to be ready for more ADA gains. The ADA Relative Strength Index (RSI) line has been making higher lows since August 5, indicating that buyers are returning to the market.
With the RSI at 48, the ADA price has room for more gains, which could see it break previous levels and post further gains.
The Moving Average Convergence Divergence (MACD) line has also moved above the signal line, confirming that ADA is indeed in an uptrend. The MACD histogram bars are also positive and growing longer, showing a sustained uptrend and room for more gains.
Crypto trader Sssebo on X further notes that these hard fork events have been “huge events” for Cardano in previous years. Therefore, the price could increase if traders view the hard fork as a “Buy the Rumor” event.
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