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.
Cardano has begun the first stage of its transition to decentralised governance with the Chang hard fork, which will be completed in 90 days, shifting power to community-led bodies.
SanyaCardano creator Charles Hoskinson is offering $1 million to anyone who can crack the new Lace Paper Wallet, a challenge open until the end of 2024. Is this a masterstroke of innovation or a high-stakes gamble?
KikyoThe speculation around a Cardano ETF could potentially drive ADA towards its previous high of $3.10. With current trading prices around $0.391 and a significant support range, there may be opportunities for a price rebound.
Xu LinHoskinson predicts Cardano could surpass Bitcoin due to its mission and adaptability, emphasising governance and technological evolution.
Cheng YuanCardano is poised for a significant upgrade, with large holders reducing their positions amid mixed sentiment. Technical indicators and upcoming changes suggest a potential price increase for ADA, possibly reaching $0.43 to $0.47.
SanyaCardano (ADA) founder Charles Hoskinson has taken a clear stance on the interplay between politics and cryptocurrencies, urging support for pro-crypto political candidates. This came in response to a post by Ethereum (ETH) co-founder Vitalik Buterin, who cautioned against prioritizing political leaders based solely on their cryptocurrency policies.
WenJunCardano's (ADA) surge continues as investor optimism grows ahead of the Chang upgrade.
Huang BoCardano's nearing its crucial Voltaire phase, emphasising self-governance and decentralisation through the Chang hard fork. Despite ADA's lackluster price performance in 2024, ongoing development efforts and a focus on real-world solutions suggest a promising future for the project.
WeatherlyWisconsin Investment Board invests $162M in Bitcoin ETFs, signaling mainstream finance's foray into crypto. Michael Saylor praises move. Other financial giants follow suit, with optimistic projections for Bitcoin's future.
Xu LinThe first phase of the Chang era marks the beginning of the network’s transition to decentralized governance.
JinseFinanceThe Dencun hard fork has been completed on the Goerli, Sepolia and Holesky testnets, and the mainnet will be launched on Epoch 269568 (approximately March 13, 2024).
JinseFinance“This is a big deal for OP mainnet,” Karl Floersch, CEO and co-founder of OP Labs, the company behind the blockchain, told CoinDesk this week in an interview.
OthersThe software upgrade scheduled for January 17 will address gas spikes and chain reorganization.
CoindeskA closer look at how it all started, the major hard forks, and where Ethereum is headed next.
cryptopotatoVasil delivers an updated version of Cardano’s smart contract scripting language: Plutus v2.
CoindeskCardano has been slowly moving towards the Vasil hard fork for a couple of months now. The upgrade has, however, ...
BitcoinistSeveral reactions have come from the crypto industry with the upcoming Ethereum upgrade, the Merge. The upgrade is expected to ...
Bitcoinist
CointelegraphMonero hard forks are meant to improve the base protocol and will not result in the splitting and creation of a new coin.
Cointelegraph