Will ADA Prices Go Up? Amid Uncertainty in the Crypto Space, the ADA Coin Price Continues Hovering Close to Its Crucial Yearly Lows
- 王林Original
- 2024-09-06 18:12:23763browse
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.
The price of ADA has remained stubbornly close to yearly lows as the crypto space grapples with uncertainty, despite the much-hyped “Chang Hard Fork” upgrade failing to propel the free-falling Cardano token.
With a drop of 61.03% from its yearly high and needing a surge of over 206% to hit its $1 mark, is the ADA dream run coming to an end? Or is the Cardano (ADA) crypto token about to crash?
ADA Price Shows Signs of Bullish Reversal
Despite recording a drop of around 20% over the past two weeks, the Cardano token has managed to maintain its price above a crucial support zone, indicating a strong buying point for the altcoin at that level.
Moreover, 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 trend for the coin in the cryptocurrency market.
However, the technical indicators RSI and MACD have both shown stability in their respective chart, indicating a cool-off in the bearish sentiment. Moreover, with the rising volatility, this Cardano token is likely to witness a strong bullish reversal.
How Chang Hard Fork Could Boost ADA Price
With the Chang update, the ecosystem has now transitioned to decentralized governance. Notably, ADA holders will now have the power to shape the future of this ecosystem by voting on proposals. Despite ranking 28th on DefiLlama, this chain has a large user base and plays a key role.
This update will reportedly be completed in 2 phases, with the first going live recently and the second scheduled in 90 days. Once the upgrade is complete, the governance protocol will be available for participation.
With the biggest upgrade in the history of Cardano, its native token “ADA” price is expected to gain significant momentum in Q4!
Will ADA Price Increase?
If the market manages to keep the Cardano price above its crucial support zone, it will prepare to test the resistance trendline of the trend pattern. Maintaining the price above that level could see it heading toward its next crucial resistance zone at $0.50.
On the other hand, a bearish trend could result in this altcoin recording a new yearly low.
Check out our related articles for more updates on Cardano (ADA)
Cardano (ADA) Price Prediction 2024 – 2030
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