Cardano’s ADA hit a 10-month low of $0.279 this month, a tough drop for anyone holding since March. But here’s the silver lining: ADA has bounced back to around $0.37. Though it’s still down from four weeks ago, this recovery has sparked some renewed interest.
Cardano’s upcoming Chang Hard Fork could be a game-changer. This upgrade aims to introduce a new governance system, giving the community more control—a move towards greater decentralization. If successful, this could significantly boost market sentiment around ADA.
The ADA chart is currently showing signs of a possible five-wave move to the upside. However, the chances of ADA being in a strong bullish phase have decreased recently because the price dipped a bit too low. Originally, this move looked like it could be a strong impulse, which would have been very positive, but now it’s more likely forming a diagonal structure. For this structure to complete, we need to see waves three, four, and five, which could push the price to around 48-49 cents.
There’s still some uncertainty, as the price needs to hold above the recent low at 34 cents. If it does, we could see ADA climb to 43-45.6 cents. However, if ADA falls below the support zone of 33.6-35.9 cents, it might continue its downward trend. Bitcoin’s performance is crucial here as it could influence ADA and other altcoins. If Bitcoin breaks above its resistance, it could boost the altcoin market, including ADA.
With bullish technical patterns and a major upgrade on the horizon, ADA could be poised for a breakout. ADA is testing the 50-day moving average, a crucial resistance level. If it breaks above this, it could push towards the 43 cents range. A breakout here could lead to even higher gains, making this a critical point for anyone considering ADA.
