2024-7-4 16:14 |
Cardano (ADA) has gained 5% over the past week, and the uptrend is expected to continue days before the highly anticipated Chang hard fork upgrade.
The Chang hard fork comes at a critical time for the Cardano ecosystem. As reported earlier, this fork will be the most significant milestone in Cardano’s history. It will introduce decentralized voting and governance to Cardano.
ADA trades at $0.412 after a 1.6% gain in 24 hours. The recent gains bring ADA’s weekly gain to 5%.
Cardano Eyes $5ADA price is showing strong positive momentum. It has outperformed most altcoins, such as Ether, whose price is down nearly 2% in the last 24 hours.
According to analyst “Javon Marks” on X, the price of ADA continues to hold well above the resistance zone. After the recent price action, ADA recorded multiple hidden bull divergencies, indicating that a price breakout could be on the way.
If the price continues to hold at the current levels, the first target will be $2.77, representing an over 500% gain from the current levels. After this price, ADA could aim for $5 in a parabolic rally that will see it outperform most altcoins.
This bullish thesis is supported by “RLindaTrade” on X, which detected that ADA had formed a falling wedge pattern.
The falling wedge pattern is a bullish reversal pattern that forms whenever the price of an asset creates lower highs and lower lows. If Cardano breaks the resistance of this falling wedge and consolidates above $0.40, the asset will hit the resistance zones at $0.678 and $0.798.
However, the chart also notes that Bitcoin’s price growth might affect the growth of altcoins such as ADA. According to analyst “Michael van de Poppe,” altcoins have already bottomed. As such, after a rough period in March, these coins will potentially rally higher to make significant gains.
Chang Hard Fork Drives Interest in CardanoThe Chang hard fork is the main trigger for the growing interest in the Cardano ecosystem and the ADA token. This fork will make the Cardano blockchain more decentralized.
A report published by market maker GSR Markets noted that once this hard fork goes through, Cardano will be in line for the next spot exchange-traded fund (ETF).
As crypto momentum reverses towards the bulls, ADA is well-positioned for a massive uptrend. Bullish pressure from the broader market, coupled with the hype around the Cardano upgrade, will trigger an ADA rally.
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