Cardano (ADA) Giveaway Scams Emerge Ahead of Much-Anticipated Chang Upgrade

Most altcoins are trading in green, and the price of Bitcoin is showing positive momentum. The price of Bitcoin surged to $60,400 amid the ongoing market rebound.

Altcoins are mostly showing positive price movements, while Bitcoin price is displaying positive momentum.

Bitcoin price surged to $60,400 amid the ongoing market rebound. The price surge was sparked by recent U.S political developments, even though other data had been indicating a decline for days.

A vital caution over Cardano (ADA) giveaway scams has been made to the Cardano community in the lead-up to the highly anticipated Chang upgrade.

A major step toward the minimal feasible on-chain governance defined in CIP-1694, the Chang upgrade is the result of years of hard effort for the Cardano community.

Many people in the cryptocurrency world are quite excited about the forthcoming upgrade. Unfortunately, dishonest individuals are more likely to prey on the crypto community’s excitement, which may lead to frauds and fraudulent actions.

Bulls in Control

The ADA price has been showing bullish traits over the last week, with the price up 17.88% in the last 7 days.

With a 30-day MVRV of 11% for ADA Coin, many investors are well-positioned to cash out at the present price.

As a result, selling pressure might increase as investors begin to cash out their profits. Addresses with 1 million to 10 million ADA sold $52.6 million worth of the token. These recent sales may also indicate the aforementioned strain.

At the time of writing, ADA is trading at $0.4267, up 1.49% in the last 24 hours as per data from CMC (NS:CMC). Moreover, the trading volume is up 38.69%. If the price manages to break above $0.43 level, then it will likely climb towards $0.46 resistance level. However, if the price declines below $0.42 level, then it will likely test the $0.37 support level.

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