Cardano’s ADA Sees 13% Surge Ahead of Chang Hard Fork Delay to September
Cardano has recently faced a significant setback with the delay of its highly anticipated Chang hard fork. Initially scheduled for late August, the upgrade has been postponed to September, causing ripples within the Cardano community.
Interestingly, despite the delay, ADA has shown resilience, registering positive movement in the market.
Cardano Postpones Chang Hard Fork to September
The Chang hard fork, a major upgrade for the Cardano network, was originally expected to launch on 27 August.
However, on 23 August, Cardano CEO Charles Hoskinson announced a delay in the upgrade, attributing it to the unpreparedness of major exchanges like Binance to support the new changes. The revised target date for the hard fork is now set for 01 September.
Cardano’s Chang Hard Fork Waits for Better Weather: IOG Postpones Launch to September 1https://t.co/wRSuqCd8LW pic.twitter.com/pC4dBpxXkn
— Alvin Ko (@AlvinKo1990) August 25, 2024
This significant upgrade marks Cardano’s transition into the Voltaire era, which emphasizes decentralized governance.
The introduction of on-chain governance mechanisms will allow ADA holders to play a more direct role in shaping the future of the network, strengthening its decentralized structure and enhancing community participation in decision-making processes.
ADA’s Performance Amid Hard Fork Anticipation
In the lead-up to the Chang hard fork, ADA has experienced a 13% price increase, reflecting growing investor anticipation.
#Tron has seen a notable price increase, surpassing #Cardano (ADA) in market cap, reaching $12.34 billion. Over the past week, #TRX has risen by more than 13%, driven by a surge in trading volume and increased open interest, signaling heightened trader interest 👍
— Mdt Crypto Trader (@mdtcryptotrader) August 21, 2024
Currently trading within a well-defined upward channel, ADA is holding steady above the 50-day Exponential Moving Average (EMA) at $0.378.
The recent price surge brought ADA close to the $0.394 resistance level before a slight pullback, with immediate support now around $0.378.
The Relative Strength Index (RSI) hovers just above the 50 mark, indicating balanced market momentum.
Should ADA maintain support above $0.378, it could rebound towards the next resistance at $0.394 and potentially reach $0.402.
However, if the price drops below $0.378, a deeper correction towards $0.368 may be on the horizon.
Cardano’s Market Position: Will the Chang Hard Fork Boost ADA?
As Cardano battles to reclaim its position in the top 10 cryptocurrencies by market capitalization, the delayed Chang hard fork could prove pivotal.
Cardano’s Chang Hard Fork Nears, ADA Trading Volume Surges Over 52% https://t.co/p83NZRU0iy pic.twitter.com/eTosh6U0Qt
— TheFinancialAnalyst (@AoFAFinance) August 22, 2024
ADA is currently in close competition with Tron (TRX) for the tenth spot, with both assets hovering around a $14 billion market cap.
The successful implementation of the Chang hard fork could spark renewed investor interest, potentially driving ADA’s market cap higher and solidifying its place in the top ten.
Conclusion:
The delay of the Cardano Chang hard fork to September has introduced uncertainty, but ADA’s price remains resilient.
Traders should monitor key levels, with a break above $0.394 signalling continued bullish momentum, while a dip below $0.378 could indicate a potential downside. The coming weeks will be crucial for ADA, especially as the revised hard fork date approaches.
