Cardano (ADA) Struggles with 1.58% Decline in 24-hours, But Analysts Predict 130% Surge on Chang Hard Fork

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Cardano (ADA) is on the cusp of a major upgrade, the Chang hard fork, scheduled for the end of July. This highly anticipated event has injected a dose of optimism into the market, with some analysts predicting a significant price surge. Let’s explore the current market conditions and how the Chang hard fork could impact ADA’s price.

Recent Price Performance and Downturn

Cardano has been grappling with a bearish trend recently. Over the past week, its price has dipped by 10.90%, underperforming the broader cryptocurrency market, down 8.40%. This decline is reflected in the trading volume, which has fallen by 20.60% in the last 24 hours compared to the previous day. Currently, ADA sits at $0.37, a 1.58% decrease in the last 24 hours.

Source: ADA 24-hour Chart (CMC)

Chang Hard Fork: A Catalyst for Growth?

Despite the recent slump, excitement is brewing around the Chang hard fork. This upgrade is pivotal in Cardano’s development roadmap, ushering in the Voltaire era. The Voltaire era introduces a revolutionary voting and treasury system, empowering ADA holders to actively shape the network’s future through voting rights proportional to their stake.

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This upcoming event draws parallels to Cardano’s previous hard fork in 2021. In the lead-up to that event, ADA’s price experienced a staggering 130% surge, climbing from $1.35 to $3.10. Analyst Cody Buffinton, host of the Altcoin Buzz Crypto YouTube channel, believes history might repeat itself, with the Chang hard fork potentially triggering a similar 130% price increase for ADA this month.

Cardano Prepares for Takeoff with Node 9.0.0 Release

Cardano recently released Cardano Node 9.0.0, a crucial milestone in implementing the Chang hard fork. This release signifies the network’s readiness for one of its most ambitious upgrades. Charles Hoskinson, Cardano’s founder, hailed the node release as a critical step towards the Chang hard fork.

Cautiously Optimistic Outlook

While the Chang hard fork presents a compelling reason for optimism, the cryptocurrency market remains volatile. Short-term price fluctuations are likely, and external market forces could influence ADA’s trajectory. However, the potential for increased network utility and community governance through the Chang hard fork paints a bullish long-term picture for Cardano. Investors with a long-term perspective might consider this a strategic entry point before the potential price surge materializes.

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Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.

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