Key Points:
- 12% more Cardano nodes needed for the Chang upgrade.
- 76% of ADA holders are currently at a loss.
- ADA might see a short-term rise to $0.3988.
Cardano’s price might rise 19% as the Chang Hardfork gets closer. Despite recent drops, Cardano shows strength. Let’s look at the key points.
Chang Upgrade Nears, ADA Holders in Losses
The Chang Hardfork is a big event for Cardano. So far, 58% of Cardano nodes have upgraded. Only 12% more are needed to launch the upgrade. The Chang Hardfork will make Cardano faster and more decentralized. This news, along with a market rebound, is driving new interest in ADA.
Even with a recent price bounce, 76% of all ADA holders are still at a loss. The price has dropped a lot since March. Most holders bought ADA between $1.44 and $2.97 and now face big losses. The Chang upgrade might help these holders.
Cardano Price Could Rise
ADA’s price rose 3.4% in the last 24 hours to about $0.337 but is still down 16.6% in the last 7 days.
The current trend for ADA is downward. The price is falling within a descending channel. Moving averages are above the current price, showing a bearish trend. But a recent green candlestick with a long lower wick and more volume suggests a possible short-term rise.
The 50-day EMA is at $0.3988, and the 200-day EMA is at $0.4522, both above the current price. This supports a bearish outlook. But the price movement in the descending channel suggests a bounce back to the 50-day EMA ($0.3988).
Key Support and Resistance Levels
Cardano has support around $0.3, shown by the lower boundary of the channel and recent price action. Immediate resistance is at $0.4, followed by the 50-day EMA at $0.3856. The upper boundary of the descending channel near $0.45 also acts as resistance.
The RSI is at 36.07, showing ADA is near oversold territory. This may indicate a possible price bounce. The Chaikin Money Flow (CMF) is at -0.07, showing some selling pressure but not strong.
If Cardano’s price rises and breaks above the falling channel, it would show market strength and turn ADA bullish. New targets would be around $0.48, $0.50, and $0.55.
Looking Forward
Cardano’s price shows signs of a possible rebound with a bullish falling wedge pattern. A break above this pattern could lead to a 19% rise, helping many ADA holders avoid losses. Key support at $0.3 and resistance at $0.4 are crucial levels to watch. While the current trends are promising, traders should stay cautious. Watch these key levels closely to make smart decisions.
