Cardano Analyst: ADA To 2X After Breakout, Chang Hard Fork As Tailwinds?
July 17 2024 - 10:00PM
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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. 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. Related Reading: BNB Price Rally Imminent? Trendline
Break Could Ignite Surge To $635 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. Related Reading: $50 Injection?
Analyst Bullish On Injective After 25% Surge 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
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