Cardano’s Chang Hard Fork Boosts Long-Term Prospects, But Is ADA Price Ready for a Breakout?
The conclusion of Cardano’s Chang hard fork has given the project’s long-term prospects some hope. The short-term outlook for the price of ADA is still unclear, though.
Crypto expert Cillinix Crypto notes that, despite the latest boost, Cardano’s immediate fundamentals and technical signs are mixed. The development comes at a time when the overall crypto market sentiment is cautious.
What you'll learn 👉
Cardano’s Fundamentals: A Mixed Bag
Cardano’s current fundamental metrics present a challenging scenario. According to Cillinix Crypto, key indicators such as total value locked (TVL), daily transactions, and network fees are underperforming. These metrics suggest a slowdown in the project’s growth momentum.
“Fundamentally, Cardano is not doing amazing. Total value locked is dropping, daily transactions are not great, and fees are low,” Cillinix Crypto noted in his analysis.
Chang Hard Fork
The successful implementation of the Chang hard fork marks a milestone for Cardano. This upgrade is expected to enhance the network’s capabilities and efficiency.
Cillinix Crypto views this development as “bullish for the long-term developments of Cardano.” However, the analyst cautions against expecting immediate price appreciation.
“The Chang hard fork, while bullish for the long-term, might not result in a short-term price increase due to a potential sell-the-news effect,” he explained.
ADA Price at Crucial Support
Cardano’s price has been negative in recent weeks. ADA has fallen below the crucial support level of $0.35, extending its downward trend to $0.32. This price movement aligns with Cillinix Crypto’s previous predictions.
The analyst identifies the $0.32-$0.30 range as a crucial support zone for ADA.
“I think the $0.32 level is a very strong level, and while we’ve spiked below it often, historically it has held well,” he stated. This support range serves as a technical and psychological level.
Doge2014 raises 500K in days celebrating Dogecoin. Make potentially big profits and get in on exclusive airdrop!
Show more +Read also: Chainlink Nears Key Support: Next 2 Weeks Will Be ‘Decisive’ For LINK Price
Trading Strategy: Patience is Key
Despite the apparent buying opportunity at current price levels, Cillinix Crypto advises caution. “I will not blindly buy this area due to Cardano’s fundamental weakness. I will wait for confirmation of a breakout before entering a trade,” he emphasized.
The expert underlines the strong correlation between Cardano’s price movements and Bitcoin’s performance. He points out that Cardano often struggles to rally during unfavorable periods for Bitcoin. He underlined the importance of Bitcoin’s positive momentum for any prospective Cardano surge.
Captain just hit his first 100x among a lot 2-5xs. Want to be a part of a profitable community?
Get all our future calls by joining our FREE Telegram group.
We recommend eToro
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
