Amid uncertainty in the crypto space, the ADA coin price continues hovering close to its crucial yearly lows. Moreover, the most anticipated “Chang Hard Fork” upgrade has failed to support the free-falling Cardano token.
With a drop of 61.03% from its yearly high and needing a surge of over 206% to achieve its $1 mark, is the ADA dream run over? Further, is the Cardano (ADA) crypto token on the verge of a collapse?
ADA Price Hints Bullish Reversal
Despite recording a drop of approximately 20% over the past two weeks, the Cardano token has held its value above its crucial support zone. This indicates a strong buying point for the altcoin at that level.
Furthermore, it has formed a falling wedge pattern in the 1D time frame. Notably, it has been trading within it since mid-April, highlighting a long-term bearish action for it in the cryptocurrency market.
However, the technical indicators RSI and MACD have both recorded stability in their respective chart. This indicates a cool-off in the bearish sentiment. Further, with the rising volatility, this Cardano token may experience a strong bullish reversal.
Here’s Why Chang Hard Fork May Act As A Catalyst!
With the recent Chang update, the ecosystem has successfully migrated to a decentralized governance. Notably, ADA investors now have the power to shape the future of this ecosystem by voting and proposals. Despite ranking 28th position on DefiLlama, this chain plays a vital role and has a large user base.
Reportedly, this update will be completed in 2 phases. The first one went live recently with the second one scheduled in 90 days. Once the upgrade is complete, the governance protocol will be active to participate.
With the biggest upgrade in the history of Cardano, its native token “ADA” price is anticipated to gain significant traction during Q4!
Will ADA Prices Go Up?
If the market holds the Cardano price above its crucial support zone, it will prepare to test its resistance trendline of the trend pattern. Maintaining the price above that level may result in it heading toward its next crucial resistance zone at $0.50.
On the flip side, a bearish action could result in this altcoin recording a new yearly low.
Also read, Cardano (ADA) Price Prediction 2024 – 2030
