Cardano has not been left out of the ongoing resurgence, as has happened with Bitcoin and other leading altcoins. According to CoinMarketCap, on the daily chart, ADA, the national currency, has risen by about 4% over the past day and by 17% over the previous week.
Analyst: Bulls to Double ADA
Even as ADA recoups recent losses, one analyst believes that will come. In the post on X analyst said The coin is poised for further price growth, which could see ADA more than double in value in the medium term.
The bullish outlook is primarily technical, based on the candlestick placement on the daily chart. ADA has gained nearly 40% since July 8, rising from under $0.35 to over $0.44 at press time.
The rally is also happening on decent trading volume. Although prices have been moving sideways over the past few days, the uptrend is clear. At this rate, ADA bulls seem to be targeting $0.51, the immediate liquidation line, and the May 2024 highs.
Notably, ADA’s rally from the June and July 2024 pits meant that the coin had broken out of a bull flag. As the analyst noted, the sharp rise above the descending wedge and multi-week resistance line was crucial on July 13. Most importantly, the bulls confirmed the rally, supporting optimistic buyers.
However, a rally is expected. ADA is a leading altcoin, benefiting from the price recovery of Bitcoin and Ethereum. In addition, holders are betting on fundamental factors, especially the upcoming activation of the Chang hard fork in the next two weeks.
Cardano Prepares for Chang and Voltaire Hard Fork
Cardano has evolved over the years. Each transition has benefited ADA prices and holders from Byron to Basho. So as the community prepares for the Chang hard fork, ADA prices seem to be rising in tandem.
The upgrade will mark the beginning of the Voltaire era. At this stage, the goal is to decentralize governance, giving voting rights to ADA holders. To make this possible, Cardano developers are introducing representative delegates who will facilitate decision-making. In addition, the goal will be to further increase the speed of transaction processing and strengthen the security of the network.
The development team released the Cardano v9.0 node ahead of the Chang hard fork. This major node upgrade marked the end of core development and the beginning of on-chain governance. However, minor changes will be required to integrate the elements outlined in the Cardano constitution.
