After experiencing a sharp drop earlier this morning, the Cardano price has managed to stage a partial recovery, now down just 2.09%. This turnaround follows the successful completion of the highly anticipated Chang hard fork on the Cardano blockchain.
This recovery has provided some much-needed relief from Cardano’s recent decline, down 7.87% since last Wednesday—making it one of the hardest-hit among other notable altcoins over the same period.
Indeed, trader interest in Cardano appears to be renewed, with its trading volume surging 38.34% to $306.3 million over the past 24 hours.
Chang Hardfork: Dawn of a New Cardano?
In a September 2nd X post, the layer-1 proof-of-stake blockchain announced the successful launch of the Chang upgrade.
The Chang hard fork represents the beginning of Cardano’s “Voltaire” era, a crucial step towards achieving fully decentralized governance.
This upgrade empowers Cardano token holders to elect representatives and vote on key development proposals, fundamentally changing how decisions are made within the Cardano ecosystem.
Charles Hoskinson, Cardano co-founder, hailed the hard fork as “one of the greatest technical achievements in human history,” previously citing its importance in allowing Cardano to stay “competitive and relevant forever.”
Previously, the Alonzo hard fork in 2021 led to a substantial price increase for Cardano, with ADA surging from $1.35 to $3.10 in just a month.
However, the Chang hard fork seems more likely to follow the trajectory of the September 2022 Vasil hard fork, which had a subdued impact on ADA’s price due to prevailing bear market conditions.
Cardano Price Analysis: A Lackluster Reception
A closer look at the Cardano chart supports the notion that significant obstacles remain for a potential breakout.
ADA/USDT 1D chart, narrowly expanding triangle pattern. Source: Binance.
Cardano is currently confined within a narrowly expanding triangle pattern, reflecting growing volatility as the asset navigates a period marked by fear, uncertainty, and doubt (FUD).
Most notably, the Relative Strength Index (RSI) remains subdued, hovering around 40, which suggests that while Cardano isn’t deeply oversold, it still exhibits a bearish bias.
This weak buying pressure indicates cautious sentiment among traders, potentially limiting Cardano’s ability to gain upward momentum unless stronger demand emerges.
On the other hand, the Chaikin Money Flow (CMF) remains in positive territory at +0.04, signaling some resilience in the market.
However, as the MACD line crosses below the signal line, it seems that the bulls are struggling to find the traction they need to push a surge.
In the near term, traders should monitor a successful retest of the $0.3120 resistance level, which could pave the way for a push higher, aiming to retest the upper bound of the current pattern.
Should Cardano manage to break through this resistance, the next significant hurdle would be the 200-day Exponential Moving Average (200EMA). Overcoming this barrier could be crucial for reversing the recent downtrend and setting the stage for a more sustained recovery.
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Although the Chang upgrade bodes well for the Cardano network and its ecosystem’s expansion, the extent of its effects may not be realized in the near term.
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