The post Cardano’s Chang Hard Fork Marks a Major Milestone: Will ADA Price Break Out of Consolidation Now? appeared first on Coinpedia Fintech News
Cardano’s platform underwent a major upgrade during the last trading day which aims to transform the governance. The ‘Chang upgrade’ is considered one of the key changes, which upgrades the voting mechanism and smart contracts. The layer-1 PoS blockchain underwent this transformation on September 01, at 21:44 UTC at block 10764778, which is called the ‘Conway ledger era.’ This upgrade is a part of the Cardano’s Volatire upgrade phase.
Interestingly, the impact of the upgrade does not appear to have held over the ADA price rally as it remains stuck within a bearish range. Last week’s trade displayed the possibility of a fresh upswing as the token triggered a bullish breakout beyond the range. However, the pullback that followed squashed the bullish possibility, as the rally is not believed to drop back to $0.3 in the next few days.
The ADA price has re-entered the falling wedge after displaying a fake breakout in the past few days. The price is trading just below the resistance of the wedge, which indicates the bulls are waiting for the right time to initiate a strong upswing. However, the technicals do not appear to be in favour, due to which an extended bearish action may follow the trend.
The supertrend just flipped to bearish following the rejection from the local highs. Besides, the MACD has turned bearish with the levels remaining within the negative range. This suggests the bears have held a strong grip over the rally and hence the ADA price is believed to drop back to the interim lows close to $0.31. The selling pressure has been mounted but it is not likely to breach the support of the pattern below $0.3.
Therefore, regardless of the Cardano’s Chang upgrade, the retail traders or the whales do not appear to be sure of the upcoming price action. As a result, the ADA price is expected to remain stuck within a bearish range for a while.