Published on augustus 31, 2024, 12:24 am
Image source: Fox News
```json { "TLDR": "Cardano's (ADA) price has been fluctuating ahead of the Chang hard fork scheduled for Sept. 1, introducing onchain governance to enhance the network. Despite upcoming changes, ADA lags behind Solana and Ethereum in performance this year with a 45% decrease. Technical analysis suggests a bearish trend unless there's a breakout above $0.47-0.65 range by October." } ```
Cardano’s (ADA) price has been fluctuating between gains and losses as the cryptocurrency community anticipates Cardano’s Chang hard fork, a significant event in the blockchain’s history. The cautious mood among traders is evident as ADA’s price has oscillated over the past two days, with a 1.5% dip to $0.35 on Aug. 30 erasing most of its previous gains.
The upcoming hard fork scheduled for Sept. 1 has created uncertainty among traders regarding its impact on ADA markets. This network upgrade will introduce onchain governance, a feature already present in Cardano’s competitors like Solana (SOL) and Ethereum (ETH). Through this upgrade, ADA holders will have the opportunity to elect Delegate Representatives (dReps) to vote on improvement proposals and technical changes, aiming to enhance the network and potentially drive up demand for the token.
Despite these developments, ADA has not performed as well as other cryptocurrencies in 2024. Year-to-date data shows ADA down by 45%, contrasting with Solana’s 26.75% gain and Ethereum’s 6.75% increase during the same period.
Analyzing ADA’s intraday performance reveals a multimonth falling wedge pattern characterized by converging trendlines and decreasing volumes. This pattern suggests a potential bearish trend unless there is a breakout above the upper trendline leading to an upside target range of $0.47-0.65 by October.
It is important to note that this article does not serve as investment advice or recommendations; readers are advised to conduct their own research before making any financial decisions in the volatile cryptocurrency market landscape.
Original article posted by Fox News
