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Leading altcoin Cardano (ADA) shows promising recovery signs with a potential 20% rise on the horizon. This coincides with the market anticipating the upcoming Chang hard fork, a significant event for the Cardano network.
Price Bounces from Bottom of Falling Channel
Despite recent market downturns, Cardano has made a strong recovery, standing out as a robust altcoin. Technical analysis indicates ADA has bounced from the bottom of the falling channel, likely due to increased buyer interest ahead of the upcoming upgrade.
Chang hard fork aims to enhance Cardano’s scalability and decentralize its governance, an eagerly awaited event. Currently, 58% of Cardano nodes have transitioned to the new version v9.1.0, with only 12% more needed to initiate the upgrade. This anticipation has likely increased interest in ADA.
However, despite the recent price recovery, data from IntoTheBlock reveals that 76% of ADA investors are still at a loss, having purchased the asset at higher prices. Most who bought ADA between $1.44 and $2.97 are currently facing significant losses of up to 88%. If the bullish momentum from the Chang upgrade news is maintained, ADA investors may see some relief in the coming weeks.
ADA Analysis
In the short term, ADA has risen 3.4% in the last 24 hours, trading around $0.337, though it fell 16.6% over the past week. The current trend shows the price moving downward within a falling channel, with moving averages positioned above the current price, reinforcing the bearish trend. However, a new green candlestick with a long lower wick and increasing volume indicates a potential short-term recovery.
The 50-day EMA is at $0.3988, and the 200-day EMA is at $0.4522, both above the current price. The price movement within the falling channel suggests a possible corrective wave returning to the 50-day EMA. The nearest support level for ADA is around $0.3, while the nearest resistance is at $0.3856, corresponding to the 50-day EMA. The next critical resistance is at $0.4, with the upper boundary of the falling channel around $0.45 also acting as resistance.
Relative Strength Index (RSI) at 36.07 is near the oversold region, indicating potential price recovery. Chaikin Money Flow (CMF) at -0.07 signals some selling pressure, but it is not excessively strong. If ADA’s price rises and breaks above the falling channel, it could indicate market strength, targeting new levels around $0.48, $0.50, and $0.55.
