Cardano (ADA) Rises 6.31% Ahead of Chang Hardfork
The Essentials in Brief
Cardano (ADA) records an impressive increase of 6.31% within 24 hours, showing clear signs of life after a longer phase of decline. This upward trend is supported by the upcoming Chang hardfork, which promises new features and improvements for the network. But what exactly is behind this sudden increase and what factors contribute to ADA’s current rally?
Why is Cardano Rising?
The recent increase in Cardano can be attributed to several key factors. Firstly, ADA is trading above a critical support level of $0.3172, which is seen as a strong sign for the current bull market. In addition, on-chain data, such as the increase in large transactions by 14% and the increase in profitable holders by 7%, indicate growing interest from both institutional investors and individual investors.
Another important factor is the upcoming Chang hardfork, expected on August 27. This network upgrade is supposed to introduce Plutus V3 and on-chain governance, among other things, which could significantly improve the scalability of the platform.
Technical Analysis and Market Sentiment
Technical analysis shows that ADA is forming a series of higher lows, a classic sign of a continuation of the uptrend. However, the Stochastic RSI indicates an overbought zone, suggesting short-term pullbacks before a further bullish continuation.
The on-chain data reveals an increasingly positive market sentiment. The increase in large transactions and the rise in profitable holders signal increased confidence in ADA. Additionally, an increase in the Total Value Locked (TVL) in Cardano’s DeFi system shows growing confidence in the platform’s ability to secure and multiply value.
The Role of the Chang Hardfork
The Chang hardfork is at the centre of ADA’s current rally. This network upgrade is associated with high expectations, as it is supposed to introduce significant improvements and new features that could enhance the efficiency, scalability, and user-friendliness of Cardano. Such upgrades are often associated with positive price movements, as they underline the long-term potential of the cryptocurrency.
Our Assessment
Cardano is showing clear signs of recovery, supported by technical indicators and improved market sentiment. The upcoming Chang hardfork could act as a catalyst for further upward movements by strengthening the network and increasing its appeal to developers and investors. Despite the positive trends, caution is advised as cryptocurrency markets are volatile and external factors can quickly lead to price changes. Overall, however, the current development points to growing confidence in Cardano’s future viability.
Sources: CoinMarketCap, IntoTheBlock, DefiLlama, Altcoin Daily
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