Home > web3.0 > Cardano (ADA) Stalls Despite the Chang Hard Fork Upgrade, But a Bullish Pattern Emerges

Cardano (ADA) Stalls Despite the Chang Hard Fork Upgrade, But a Bullish Pattern Emerges

王林
Release: 2024-07-27 12:55:24
Original
426 people have browsed it

Cardano (ADA) has seen little price movement recently, remaining flat despite the significant advancements with the Chang hard fork.

Cardano (ADA) Stalls Despite the Chang Hard Fork Upgrade, But a Bullish Pattern Emerges

Cardano (ADA) has seen little price movement recently, remaining flat despite the Chang hard fork. Investors expected the upgrade to boost ADA’s valuation, but the broader cryptocurrency market downturn or a cautious market approach may have kept the price around $0.30.

The Chang hard fork aims to bring decentralized governance to Cardano and enhance its infrastructure. Stake pool operators (SPOs) are upgrading to Node 9.1.0, the final version needed to initiate the hard fork, which is crucial for the upgrade’s success.

Meanwhile, Cardano founder Charles Hoskinson seems to be driving interest in the project by fueling rumors of a Cardano exchange-traded fund. The blockchain network has been struggling recently and has been tagged as a dead project.

Cardano's Chang Hard Fork: Milestones and Features

The Chang hard fork marks a key evolution for Cardano. The release of Node 9.1.0, which includes all necessary features for the hard fork, is a key milestone. A requirement of Node 9.1.0 is the Conway genesis file, now mandatory at startup. The file is essential for the transition.

Cardano’s community and founder, Charles Hoskinson, have often highlighted the potential of the hard fork. It will go live once 70% of SPOs upgrade to the new node, transferring control of the blockchain to ADA holders, similar to DeFi DAOs. The Chang Update aims to increase community involvement and more democratic control.

The upgrade also includes CLI and API enhancements, a “query treasury” command, and compatibility with CIP69 and CIP119. These updates aim to improve the network’s efficiency and security.

Despite Delays, the Community Anticipates the Changes

The community has been eagerly awaiting the Chang hard fork, which was initially planned for March 28. However, some SPOs encountered difficulties integrating the new code into their existing setups, leading to a delay in the hard fork.

Now, with the final node version and genesis file in place, SPOs are making the final preparations to upgrade their nodes. Once the required node density is reached, a new blockchain proposal will be triggered, completing Cardano’s transition to a more decentralized system.

A Bullish Pattern For Cardano, But There’s A Catch

The ADA USD pair continued moving inside a bullish technical pattern called the ‘falling wedge.’ A falling wedge pattern features a pair of converging trend lines connecting lower highs and lower lows, forming a narrowing shape that slopes downward.

The pattern typically suggests that an asset’s price, while consolidating in a downtrend, is losing bearish momentum and preparing for a potential reversal to the upside. Typically, a breakout occurs in the direction of the overall trend, which, for a falling wedge, is upward.

However, the token faces stiff resistance from the confluence of the 20-week (red), 50-week (purple), and 100-week (blue) EMA trendlines. ADA, the token of a project currently out of favor with most of the community, might find it difficult to find the bullish momentum required for a breakout.

To estimate the price target of a falling wedge pattern, traders measure the widest part of the wedge at the beginning of the formation. They then project this distance upward from the point of the breakout to set a potential target.

An accompanying increase in trading volume can further confirm the reliability of the breakout. Higher volume during the breakout suggests stronger market conviction, supporting the likelihood of a successful price reversal.

According to technical analysis rules, the ADA USD pair could rally over 103% to reach the pattern’s theoretical price target of near $0.85.

The above is the detailed content of Cardano (ADA) Stalls Despite the Chang Hard Fork Upgrade, But a Bullish Pattern Emerges. For more information, please follow other related articles on the PHP Chinese website!

source:php.cn
Statement of this Website
The content of this article is voluntarily contributed by netizens, and the copyright belongs to the original author. This site does not assume corresponding legal responsibility. If you find any content suspected of plagiarism or infringement, please contact admin@php.cn
Popular Tutorials
More>
Latest Downloads
More>
Web Effects
Website Source Code
Website Materials
Front End Template