1. Cardano After Chang Upgrade
2. Current Market Data
3. Technical Indicators and Forecasts

Cardano experienced a significant price drop of 2.7% despite the successful introduction of the Chang upgrade.

Cardano After Chang Upgrade

The Chang upgrade introduced several key changes to Cardano, including on-chain voting, Delegate Representatives, enhanced smart contract capabilities, and a new governance structure with cost model improvements. ADA holders can now vote directly on governance issues or delegate their voting power to trusted representatives.

Current Market Data

At the time of writing, ADA was trading at $0.3335, marking a 2.7% drop according to crypto.news. The crypto asset’s daily trading volume stood around $307.4 million while its market cap was $11.75 billion. In the past 24 hours, Cardano saw liquidations totaling $731.46K, with the majority being long positions at $698.32K and short positions accounting for $33.14K. This suggests considerable selling pressure as the token remains in a downtrend.

Technical Indicators and Forecasts

Technical indicators also suggest that bears are in control, with ADA trading near the lower boundary of its Bollinger Bands, suggesting a potential oversold condition that might lead to stabilization or minor recovery in price. However, market volatility leaves room for further declines. The MACD indicator shows strong selling pressure with the MACD line positioned below the signal line, signaling a likely continuation of the downward trend. The Relative Strength Index (RSI) stands at 38.56, below the neutral threshold of 50, indicating selling momentum without reaching oversold territory. The Aroon indicator points to a predominantly bearish trend, with Aroon Down at a full 100.00%, indicating strong downward momentum, while Aroon Up is at 35.71%, showing weak upward movements.

Despite the current losses, analysts indicate that Cardano may be in a multi-month Falling Broadening Wedge pattern. If ADA can break above the upper trendline, it could lead to a sharp reversal and higher prices. This volume spike reinforces the possibility of an approaching breakout, making it a critical level to monitor closely.