Cardano's price has risen by 7% in the past 48 hours, but ADA has yet to break the resistance level of $0.37.
Trading below this threshold, the altcoin seems to be waiting for a significant positive trigger, which might not arrive.
The absence of this trigger could be due to ADA holders avoiding network participation. This drop in engagement is a reaction from investors choosing to prevent losses by not trading.
As traders withdraw and prices fall, the larger impact will be substantial losses.
According to the Global In/Out of the Money (GIOM) indicator, about 7.01 billion ADA, valued at over $2.5 billion, are involved.
This supply was bought when ADA's trading price was between $0.37 and $0.42. With Cardano down over 8.5% in the past seven days, the entire supply is at risk.
Barely profitable, the supply is on the verge of losses, guaranteeing significant bullish pressure from investors.
To prevent these ADA from becoming unprofitable, investors will need to push the price back to $0.42.
This would prevent losses and compensate for all gains lost in the past week.
Once $0.37 falls to a support level, Cardano's price can be considered to be on the rise. Further gains can be expected; however, given the lack of activity and bullish cues, a straight rebound might be challenging.
This might lead to some resistance in recapturing recent ground, potentially even rejecting a rebound. Consequently, ADA might end up hovering below the $0.37 mark.
However, if it successfully tests this level as support, it might break through the $0.40 barrier for a further rally. This would invalidate the bearish neutral argument and increase profits.
Cardano (ADA) is preparing for a major upgrade, the "Chang" hard fork, scheduled for late July.
As the cryptocurrency currently struggles to recover from recent losses, market analysts are looking at Cardano's past performance for clues on what the upgrade might mean for ADA's price.
Currently, ADA is trading at $0.3736 after a 0.88% increase in the past day.
The cryptocurrency has dropped significantly by 22.1% over the past month.
However, historical trends suggest that ADA might see a turnaround this month. In 2021, Cardano underwent the Alonzo hard fork, introducing smart contract functionality to the network with Plutus.
This upgrade enabled decentralized applications (dApps) to be deployed on the Cardano platform.
As a result, ADA's price more than doubled, reaching an all-time high of $2.86 on September 2, 2021, ten days before the Alonzo upgrade.
The upcoming "Chang" hard fork will bring Cardano into the final phase of its development roadmap, the Voltaire era.
This era aims to achieve complete decentralization and self-sustainability for the Cardano network.
It will introduce voting and funding systems, allowing network participants to shape the future of the network through their stakes and voting rights.
As ADA strives to recover from recent losses, anticipation for the "Chang" hard fork could trigger a price surge similar to 2021.
Historical patterns and the upcoming critical upgrade suggest a potential positive shift in ADA's market performance this month.
Laporan terbaru Cardano mengungkapkan pertumbuhan yang kuat dengan 79,7 juta transaksi, pengembangan 1.307 proyek, dan sirkulasi 9,1 juta token asli, menyoroti pengaruhnya yang semakin meluas dalam ekosistem blockchain.
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