Cardano price breaks out of bullish pattern as Chang upgrade draws near. Read CoinChapter.com on Google News
NOIDA (CoinChapter.com)—Cardano is about to launch an upcoming upgrade, Chang, that aims to usher in the Conway ledger era. The update, highlighted by the release of Node 9.0.0, introduces crucial features for on-chain governance and enhanced smart contract capabilities.
Latest Update on Node 9.0.0 and Chang Upgrade
The release of Node 9.0.0 is another step towards the Chang hard fork, incorporating all necessary changes for the Conway ledger era. This includes the integration of CIP-1694, which enables on-chain governance, support for Plutus v1 reference scripts, and Plutus script signature support via CIP-69.
Tweet about Cardano’s Chang update.
Moreover, the node version supports the bootstrap phase of CIP-1694 in production environments but does not yet enable full governance actions.
The team conducted comprehensive system testing, with results on the corresponding tag testing page. Benchmarking reports are also accessible on Cardano Updates.
Furthermore, the team addressed the issues with the Cardano CLI in version 9.0.0.0 in the subsequent update, cardano-cli-9.0.0.1.
Node 9.0.0 sets the stage for enhanced governance and improved smart contract functionality. Stake Pool Operators (SPOs) and network participants are encouraged to upgrade to prepare for the forthcoming changes.
ADA Breaks Out Of Bullish Pattern
Meanwhile, the ADAUSD pair broke out of a bullish technical setup called the ‘falling wedge.‘
ADA price formed a bullish setup with an 81% upside target. Source: Tradingview
A falling wedge pattern features a pair of converging trend lines connecting lower highs and lower lows, forming a narrowing shape that slopes downward.
The pattern indicates that an asset’s price, while consolidating in a downtrend, is losing bearish momentum and preparing for a potential reversal to the upside. Typically, a breakout occurs upward, in line with the overall trend.
ADA price broke out of the pattern in the week beginning July 15. Painting another green candle on the weekly chart would help confirm the breakout. However, the current price movement might be enough to attract buyers to the market.
To estimate the price target, traders measure the widest part of the wedge at the beginning and project 0this distance upward from the breakout point. A higher trading volume during the breakout confirms the reversal’s reliability, indicating stronger market conviction and a higher likelihood of success.
According to the rules of technical analysis, ADA price might rally over 81% from its current level to reach the pattern’s projected target near $0.81.
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