Cardano (ADA) Remained Resilient Ahead of Chang Hard Fork, Analysts Predict a Bullish Rally

Cardano (ADA) continued to demonstrate impressive resilience throughout Friday, albeit trading mostly flat, despite a minor retracement that began on Thursday

Despite trading mostly flat on Friday, Cardano (ADA) continued to show impressive resilience, albeit with a minor retracement from the massive surge over the past week.

At press time, ADA was retesting the critical $0.52 support level, which it successfully breached on July 13, indicating a possible upward bounce. Analysts are keeping a close eye on ADA’s movements in response to the recent market surge, with some making bold predictions about its future price.

One such prediction came from an analyst known as “Captain Faibik,” who anticipates that ADA's current value could double.

“ADA Train has left the station. Expecting 2x Bullish Rally in the Midterm, so don’t miss the Ride,” the analyst stated. Faibik's optimism is driven by ADA breaking out of a seven-month-long asymmetric triangle pattern, which points towards a significant breakout from its previous consolidation phase.

Meanwhile, another popular crypto analyst, “Ssebi,” shared similar observations, highlighting the promising setup in response to ADA crossing the 50-day moving average (MA).

“Last time when $ADA crossed 50 Daily MA…ADA went up 50% in about 2 weeks of time. It is highly likely we will see the same again,” Ssebi noted, adding that his short-term target would be around $0.60-$0.70.

These bullish outlooks come as several positive developments unfold within the Cardano ecosystem. Among them are the recent launch of Cardano node version 9.0 and the upcoming Chang hard fork later this month.

Cardano node version 9.0, which was unveiled this week, marks a significant evolution in the blockchain's development, completing crucial phases in preparation for establishing on-chain governance.

Moreover, initiatives like Project Catalyst, which recently concluded its twelfth funding round, highlight ADA’s strong fundamentals. This project, dedicated to funding innovative endeavors within the Cardano ecosystem, garnered substantial support, indicating increasing confidence and community involvement.

Such technical advancements are widely considered potential catalysts for boosting ADA’s price. Notably, prior to its previous hard fork in 2021, ADA surged by 130%, rapidly climbing from $1.35 to $3.10 in just a month's time. According to an analyst from crypto analytics firm IntoTheBlock, this pattern could unfold ahead of the Chang Hardfork.

ADA is currently trading at $0.4366, up by 2.16% in the past 24 hours, as per CoinMarketCap data.

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