Over the past 24 hours, the Cardano price has seen a modest 1.45% gain amid wider market growth. Notably, following the highly anticipated Chang hard fork launch, traders are eyeing a $5 Cardano.
Despite today’s growth, the Cardano price is still down 4.48% since last Monday, coinciding with the losses observed from most notable altcoins during the same period.
These losses have not stripped away Cardano’s 5.59% rise over the past month.
Despite the notable price increase, the altcoin’s trading volume has dropped 47.74% to $261.73 million over the past 24 hours.
Though significant, this trader activity decline likely resulted from reduced selling pressure after Cardano’s decline yesterday, rather than disinterest.
Chang Hardfork Launches – Cardano Price Surge Ahead?
The much-anticipated Chang Hard Fork upgrade went live along with the launch of Cardano node 9.1.0 on July 25.
The upgrade marks the start of Cardano’s transition to decentralized governance. Charles Hoskinson emphasized its importance, stating it will keep Cardano “competitive and relevant forever.”
It has established a constitutional committee and delegate representatives, known as DReps, who will vote on behalf of ADA coin holders.
As part of the upgrade, stake pool operators (SPOs) will also receive new governance roles. All proposals and voting actions will occur directly on the blockchain.
The Alonzo hard fork in 2021 saw the Cardano price jump from $1.35 to $3.10 in just a month. If history repeats itself, the Cardano price could soar as high as $5.7 by the time Chang is priced in, 1400% from current levels.
However, a closer look at the Cardano price chart suggests that the upgrade may not bring as explosive growth as 2021.
Most significantly, Cardano’s 20 DMA (yellow) has been facing strong resistance from the 200 DMA (blue) since it crossed below it on July 22nd.
This indicated that short-term momentum isn’t strong enough to overcome the wider bullish trend, which remains firmly bearish.
Although the 20 DMA is currently attempting another retest of this resistance, other indicators suggest that it will not be successful.
Most significantly, the relative strength index (RSI) (purple) of the asset currently stands at 40. Although neutral, this errs on bullishness, providing weak footing for a breakout.
Additionally, Cardano’s chainlink money flow currently stands at -8. This reinforces a bearish outlook in the near term, with strong selling pressure.
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