Cardano's Chang Hard Fork and Price Trends
A significant decline of over 41% has been observed for ADA since the beginning of this year. Currently, ADA is being traded at $0.3512, reflecting a 5.50% decrease in the past 24 hours.
The upcoming Chang hard fork is highly anticipated, and Cardano is actively preparing for this event scheduled for the end of July. Following the notable price surge that ensued after Cardano's previous hard fork in 2021, the cryptocurrency community is closely monitoring this development.
The Chang hard fork marks the final phase of Cardano's strategy to establish a fully decentralized blockchain ecosystem, signaling a monumental transition into the Voltaire era.
Persistent Challenges
As indicated by Cardano's (ADA) price patterns, the year has been tumultuous, marked by a significant downturn. ADA has witnessed a steep decline of more than 41% since the year commenced. The departure of numerous influential investors from the network may adversely impact Cardano's price due to decreasing positive sentiment.
There has been a substantial and consistent decrease in the total transaction volume exceeding $100,000. Within a mere three months, this volume plummeted from $17.2 billion to $8.4 billion, hinting at potential further declines.
Despite the prevailing downward trend, there could be a reversal in the near future. The Relative Strength Index (RSI) falling below 40 supports the possibility of an impending upturn. Currently, ADA is trading at $0.3512, registering a 5.50% decline over the last 24 hours based on data sourced from CMC. Additionally, the trading volume has dropped by 17.22%.
If the price continues its descent and falls below the $0.35 mark, it is likely to test the critical support level at $0.32. Conversely, surpassing the $0.37 threshold could propel the price towards the resistance level of $0.39.
