- The news is not all that important for bulls.
- If you buy the falling wedge at $0.4, it can be worth 80% more than what you paid for.
Cardano [ADA] It is on track to achieve triple-digit increases next The trend will repeat itself if the past is any indication. IntoTheBlock “Observed in A” post on X The blockchain (formerly Twitter), has been prepping for the Chang Hard Fork.
According to the reports, it is reported that the Alonzo fork hard fork from August 2021 saw the price jump 130% between $1.35 and $3.1. Two other hard forks have occurred since, with differing market effects.
There is no automatic price increase
Valentine was the previous Cardano Hard Fork. upgradeIt went live in 2023 on 14th February. It was released in the midst of the bear markets, and gave ADA owners a lukewarm gain of 16.9% over two days.
After that, the price plummeted from $0.42 per unit to $0.315, which is a fall of 28.5% within three weeks. Hard forks do not guarantee price doubles.
The impact of individual factors and market sentiment upgrade Also, it matters.
Vasil was the hard fork that came before Alonzo in September 2022. The price of this stock rose 11.1% in two days, before the downward trend was resumed.
Can the Chang fork meet expectations?
A falling wedge has formed on the 1-week chart for ADA since December 2023. Last week, the preparation over the last seven months led to a break above the trendline.
This was a great technical development for bulls. In the next few months, a move towards the wedge’s highest levels at $0.72 to $0.78 may begin. This would mark a nearly 80% increase in price.
The trading volume is declining. Hence, OBV trend has been downward, reducing bullish expectations.
Since the end of April, daily active addresses are relatively constant. Reduced demand could be explained by the relative lack of engagement.
Since February, the development activities have steadily increased. This should instill confidence among long-term investors.
The mean coinage fell drastically, despite the fact that prices had broken out of their wedge pattern. The coin age fell dramatically, signaling a new phase of distribution for Cardano.
Holders of the Chang hard fork may not be able to achieve triple-digit gains if they aren’t bullish.
Click Here to Read Cardano’s [ADA] Price Prediction 2024-25
The MVRV 90-day ratio showed a slight negative trend, indicating that the average investor in this time period suffered a small loss.
In general, metrics didn’t indicate buying opportunities nor continued bullishness. It is necessary to consistently increase the buy volume to reverse OBV’s trend.
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Source: ambcrypto.com