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Breaking News: FTX Recovery Trust Set To Disburse $1.6 Billion By Month-End, FTT Price Skyrockets

Cardano Analyst: ADA To 2X After Breakout, Chang Hard Fork As Tailwinds?

Dalmas Ngetich
Dalmas Ngetich
1 year ago
2 mins read
Cardano (ADA) On The Rise

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Cardano has not been left behind in the ongoing revival as with Bitcoin and other top altcoins. From the daily chart, ADA, the native currency, is up roughly 4% in the last day and 17% in the previous week, according to CoinMarketCap data.

Analyst: Bulls To Lift ADA By 2X

Even as ADA reverses recent losses, one analyst thinks more will come. In a post on X, the analyst said the coin is gearing up for more price gains that could see ADA more than 2X in the medium term.

ADA breaks out | Source: @CryptoFaibik via X
ADA breaks out | Source: @CryptoFaibik via X

The bullish outlook is primarily technical, looking at the candlestick arrangement in the daily chart. ADA has been nearly 40% since July 8, rising from below $0.35 to over $0.44 at press time.

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The surge also comes amid decent trading volume. Although prices have been moving sideways in the past few days, the uptrend is clear. At this pace, ADA bulls appear to be targeting $0.51, the immediate liquidation line, and May 2024 highs.

Cardano price trending upward on the daily chart | Source: ADAUSDT on Binance, TradingView
Cardano price trending upward on the daily chart | Source: ADAUSDT on Binance, TradingView

 

Of note, the expansion of ADA prices from June and July 2024 pits meant the coin broke up from a bull flag. As the analyst observed, the surge above the descending wedge and multi-week resistance trend line was decisive on July 13. Most importantly, bulls have confirmed the leg up, backing optimistic buyers.

The upswing is, however, expected. ADA is a leading altcoin, benefiting from the recovery of Bitcoin and Ethereum prices. Beyond this, holders are backing on fundamental factors, especially the upcoming activation of the Chang hard fork in the next two weeks.

Cardano Preparing For Chang Hard Fork And Voltaire

Over the years, Cardano has been building. Every transition shift has benefited ADA prices and holders from Byron to Basho. Therefore, as the community prepares for the Chang hard fork, ADA prices seem to be expanding in tandem.

The update will mark the beginning of the Voltaire era. At this phase, the aim is to decentralize governance, giving voting rights to ADA holders. To make this possible, Cardano developers are introducing Delegate Representatives who will facilitate decision-making. Furthermore, the goal will be to improve transaction processing speeds further and boost the network’s security.

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The development team released Cardano node v9.0 ahead of the Chang hard fork. This major node update marked the end of primary development work and the start of on-chain governance. Even so, minor changes will be needed to integrate elements spelled out by the Cardano constitution.

Feature image from DALLE, chart from TradingView
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Dalmas Ngetich
Dalmas Ngetich

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

Read more

His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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