Cardano Analyst: ADA To 2X After Breakout, Chang Hard Fork As Tailwinds?
Cardano has not been left behind in the ongoing revival as with Bitcoin and other top altcoins. From the daily chart, ADA, the native currency, is up roughly 4% in the last day and 17% in the previous week, according to CoinMarketCap data.
Analyst: Bulls To Lift ADA By 2X
Even as ADA reverses recent losses, one analyst thinks more will come. In a post on X, the analyst said the coin is gearing up for more price gains that could see ADA more than 2X in the medium term.
ADA breaks out | Source: @CryptoFaibik via X
The bullish outlook is primarily technical, looking at the candlestick arrangement in the daily chart. ADA has been nearly 40% since July 8, rising from below $0.35 to over $0.44 at press time.
The surge also comes amid decent trading volume. Although prices have been moving sideways in the past few days, the uptrend is clear. At this pace, ADA bulls appear to be targeting $0.51, the immediate liquidation line, and May 2024 highs.
Of note, the expansion of ADA prices from June and July 2024 pits meant the coin broke up from a bull flag. As the analyst observed, the surge above the descending wedge and multi-week resistance trend line was decisive on July 13. Most importantly, bulls have confirmed the leg up, backing optimistic buyers.
The upswing is, however, expected. ADA is a leading altcoin, benefiting from the recovery of Bitcoin and Ethereum prices. Beyond this, holders are backing on fundamental factors, especially the upcoming activation of the Chang hard fork in the next two weeks.
Cardano Preparing For Chang Hard Fork And Voltaire
Over the years, Cardano has been building. Every transition shift has benefited ADA prices and holders from Byron to Basho. Therefore, as the community prepares for the Chang hard fork, ADA prices seem to be expanding in tandem.
The update will mark the beginning of the Voltaire era. At this phase, the aim is to decentralize governance, giving voting rights to ADA holders. To make this possible, Cardano developers are introducing Delegate Representatives who will facilitate decision-making. Furthermore, the goal will be to improve transaction processing speeds further and boost the network’s security.
The development team released Cardano node v9.0 ahead of the Chang hard fork. This major node update marked the end of primary development work and the start of on-chain governance. Even so, minor changes will be needed to integrate elements spelled out by the Cardano constitution.
Feature image from DALLE, chart from TradingView
Dalmas Ngetich
Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.
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