Price Analysis

ADA Price Analysis: Did Cardano Price Just Break Out Pre-Hard Fork?

ADA Price Analysis: Cardano price appears to be gaining strength ahead of the Chang Hardfork, following an extended period of downward trading with its price bouncing above the falling wedge.
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ADA Price Analysis: Did Cardano Price Just Break Out Pre-Hard Fork?

Highlights

  • The aggregated ADA Open Interest (OI) jumped 3.5% in the last 24 hours.
  • 70% of traders across exchanges going Long on ADA against 30% of Shorters.
  • The Chang hardfork will unlock 1.5 Billion ADA accessible through proposal and voting.

ADA price analysis: The price of Cardano (ADA) increased by 2.3% in the last 24 hours to trade around $0.408 during European business hours on Tuesday. The increase comes just a few days before the eagerly anticipated Cardano Chang hard fork.

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ADA price Analysis Reveals an Inbound Rally to $0.82

ADA price hit a yearly high in the March mini bull run before it began its descent. In the downward spiral, the ADA price action formed a falling wedge, which just broke out yesterday.

Cardano price did witness a death cross on May 11, 2024, but this can be rectified with enough bullish momentum. Currently, the price of ADA is trending below the 50-day and 200-day simple moving averages, but maybe not for long.

Although there is the possibility that this could be a fakeout, a good confirmation of the breakout would be ADA price hitting the low resistance around $0.47 and retesting the upper trendline of the falling wedge around $0.37 before surging higher. If, during the retest, Cardano slides back inside the falling wedge, then the breakout would be invalidated.

If bulls are persistent enough, Cardano’s price may execute this breakout flawlessly, resulting in a 98% increase in price back to the yearly highs. Some resistance may be experienced around $0.47, $0.54, and $0.6.

On the flip side, the price of ADA may find support around $0.37 and $0.33 before bouncing back up.

An alternative scenario would be Cardano entering another consolidation zone between $0.47 and $0.36. This would also invalidate the breakout.

Data from Coinalyze shows the aggregated ADA Open Interest (OI) just jumped 3.5% in the last 24 hours, with 70% of traders across exchanges going long on the asset against 30% of shorters. 

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Can ADA Price Ride the Hard Fork Hype to New Highs?

The ADA community is enthusiastic about this new price development and is hoping it will play out into a fully-fledged breakout. The Chang hard fork comes at a crucial time for the Cardano ecosystem, and it aims to make the chain more decentralized. Additionally, Chang Hardfork will unlock 1.5 billion ADA, only accessible through a DAO-type proposal and voting system.

The 24-hour trading volume of Cardano jumped 12.5% in the last 24 hours, revealing an increasing interest in the asset among investors. Investors expect that this new chain development will boost ADA’s price.

Bottom Line

Cardano’s price analysis indicates an exciting potential breakout just ahead of its anticipated hard fork. This pre-hard fork price movement highlights the crypto community’s enthusiasm for Cardano’s ongoing evolution and its potential for future growth.

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Related Articles

Frequently Asked Questions

Which is the best Cardano wallet?

Eternl is the best wallet for Cardano because it is specifically designed for the Cardano blockchain.

Does MetaMask support Cardano?

No, MetaMask does not support Cardano. MetaMask is primarily designed for Ethereum and Ethereum-compatible blockchains, such as Binance Smart Chain, Polygon, and others.

Who is the founder of Cardano?

The founder of Cardano is Charles Hoskinson. He is a co-founder of Ethereum and later went on to create Cardano through his company, IOHK (Input Output Hong Kong), which is focused on blockchain research and development.
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Evans Karanja

Evans Karanja is a crypto analyst and journalist with a deep focus on blockchain technology, cryptocurrency, and the video gaming industry. His extensive experience includes collaborating with various startups to deliver insightful and high-quality analyses that resonate with their target audiences. As an avid crypto trader and investor, Evans is passionate about the transformative potential of blockchain across diverse sectors. Outside of his professional pursuits, he enjoys playing video games and exploring scenic waterfalls.

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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