Cardano is preparing for the Chang Hard Fork upgrade. It is slated to happen by the end of this month, that is, June 2024. Once live, the upgrade will essentially strengthen the decentralized nature of the governance model of Cardano. It will do so with the implementation of CIP-1694. Also, the goal of upcoming upgrades is to boost the efficiency of the network and potentially bring down the network fees.
Most of it sounds bullish, but there was a brief moment when the token hit a bottom by shedding almost 9% of its weight. This was teased as a bad start for Chang Hard Fork. The token has now recovered by jumping 0.89% from its lower value. ADA is exchanging hands at $0.4303 at the press time. However, it continues to showcase a downtrend of 6.09% for the last 7 days and 4.66% in the last 30 days.
The introduction of Chang Hard Fork is expected to be pivotal for the entire Cardano ecosystem.
Its current token value has pushed the resistance margin to $0.42. Falling beneath that value could open the doors to more bull runs. Not that it will never rebound; the token could just take a bit more time to begin trading in green colors. For reference, ADA has traded profitably for 13 days out of the last 30 days. This roughly translates to 43% of the green trades, with the remaining trades seeing red.
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The next 5 days could see the value plummet more. It could reach $0.411572. Despite more declines in the picture, it is poised to jump to $0.449497 in the next 30 days. This will be an increase of 4.95% from the current value. In other words, a decline in the next 5 days could bring a phase to accumulate tokens before they rebound.
Prevailing sentiments are bearish, probably under the assumption that the upgrade will fuel the volatility factor. The level is at 3.61%, with a 14-day RSI of 43.23. The Fear & Greed Index has given 70 points to ADA under the Greed category. The 50-day SMA and 200-day SMA are at $0.457328 and $0.53481, applicable in the same order.
The upgrade could happen by the end of June only if 70% of the network’s stake pool operators officially install the new node. This has been confirmed by Charles Hoskinson.
It is believed that investors are losing interest in ADA, and only after the upgrade will their interest undergo a revival stage. The market cap is up by 0.79%, and the 24-hour trading volume is up by 0.87%. The market cap is over $15 billion, out of the collective crypto market cap of $2.44 trillion.
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That said, BTC and ETH continue to dominate the crypto sphere with a share of 54.3% and 17.1%, respectively.
