Cardano Price Breakout? Chang Hard Fork Could Send ADA Prices Soaring 

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Harvey Hunter

Content Writer

Harvey Hunter

Part of the Team Since

Apr 2024

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Harvey Hunter is a Content Writer at Cryptonews.com. With a background in Computer Science, IT, and Mathematics, he seamlessly transitioned from tech geek to crypto journalist.

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Last updated: 

July 29, 2024

Over the past 24 hours, the Cardano price has seen a modest 1.45% gain amid wider market growth. Notably, following the highly anticipated Chang hard fork launch, traders are eyeing a $5 Cardano.Despite today’s growth, the Cardano price is still down 4.48% since last Monday, coinciding with the losses observed from most notable altcoins during the same period.These losses have not stripped away Cardano’s 5.59% rise over the past month. Despite the notable price increase, the altcoin’s trading volume has dropped 47.74% to $261.73 million over the past 24 hours.Though significant, this trader activity decline likely resulted from reduced selling pressure after Cardano’s decline yesterday, rather than disinterest.

Chang Hardfork Launches – Cardano Price Surge Ahead?

The much-anticipated Chang Hard Fork upgrade went live along with the launch of Cardano node 9.1.0 on July 25.The upgrade marks the start of Cardano’s transition to decentralized governance. Charles Hoskinson emphasized its importance, stating it will keep Cardano “competitive and relevant forever.”It has established a constitutional committee and delegate representatives, known as DReps, who will vote on behalf of ADA coin holders.As part of the upgrade, stake pool operators (SPOs) will also receive new governance roles. All proposals and voting actions will occur directly on the blockchain.The Alonzo hard fork in 2021 saw the Cardano price jump from $1.35 to $3.10 in just a month. If history repeats itself, the Cardano price could soar as high as $5.7 by the time Chang is priced in, 1400% from current levels. However, a closer look at the Cardano price chart suggests that the upgrade may not bring as explosive growth as 2021.Most significantly, Cardano’s 20 DMA (yellow) has been facing strong resistance from the 200 DMA (blue) since it crossed below it on July 22nd. This indicated that short-term momentum isn’t strong enough to overcome the wider bullish trend, which remains firmly bearish. Although the 20 DMA is currently attempting another retest of this resistance, other indicators suggest that it will not be successful.Most significantly, the relative strength index (RSI) (purple) of the asset currently stands at 40. Although neutral, this errs on bullishness, providing weak footing for a breakout.Additionally, Cardano’s chainlink money flow currently stands at -8. This reinforces a bearish outlook in the near term, with strong selling pressure.

This Meme Coin Provides Better Gains Potential

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. Therefore, investors looking to maximize their gains potential may do well to diversify into new and emerging low-cap meme coins set for explosive growth.Enter Shiba Shootout ($SHIBASHOOT), the latest meme coin in the crosshairs of meme fans, gamers, and crypto enthusiasts alike. The meme coin market is over-saturated with Shiba Inu-themed coins boasting little to no real utility. In contrast, Shiba Shootout stands out by focusing on gaming utility. Something that may be credited to its instant success, with almost 800K raised in its presale so far.

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