Cardano is arguably the most frustrating altcoin to own this bull run. The slow price action just makes traders uncomfortable and looking elsewhere.
The ADA price is now trading around $0.34 and in the last 12 months it’s up a modest 15%. We can hardly call that a bull run.
However, Cardano is a project with a huge community and one area where they try to improve is development activity.
Recent Developments in Cardano
Cardano recently debuted Node 9.1.0, the final upgrade before the highly anticipated Chang hard fork. This upgrade brings several key features necessary for the upcoming hard fork. It introduces on-chain decision-making capabilities, allowing ADA holders to participate in the chain’s governance.
The upgrade also improves the behavior of the db-truncater, exposes additional details on EmptySlot errors, and adds a new trace message for unclean Consensus databases. Furthermore, it supports storing immutable and volatile databases in different paths.
As of August 9, 2024, 73% of stake pool operators (SPOs) are now using the updated Node 9.1.0 version. The threshold for activating the Chang hard fork is 70% of SPOs running the updated node. Once activated, the Chang hard fork will transform Cardano into a fully decentralized blockchain by introducing the Cardano Constitution.
The community will conduct workshops to form this constitution, which will be enforced by the interim Constitutional Committee (ICC) until the blockchain is completely decentralized. The Chang hard fork will also kick off the Voltaire era which is an important step in Cardano’s roadmap.
Read also: PEPE Whale Buys The Dip: Will The Meme Coin’s Price Rebound?
Cardano Price Prediction
The price of Cardano is currently in a downtrend, trading in a Channel Down pattern. This pattern typically resolves in a bullish breakout and a trend reversal, as reported by altFINS. Trend traders might want to wait for such a breakout, while swing traders could consider trading the channel, entering near the channel support trendline and exiting near the channel resistance trendline. However, this is a riskier trade setup because it’s against the overall downtrend.
Source: altFINS
The short-term, medium-term, and long-term trends for Cardano are all showing strong downward movement. Momentum is bearish but potentially inflecting. The MACD Line is still below the MACD Signal Line, but momentum may have bottomed since MACD Histogram bars are rising, suggesting that momentum could be nearing an upswing. The price is neither overbought nor oversold currently, based on RSI-14 levels.
The nearest support zone for ADA is around $0.28, while the nearest resistance zones are at $0.35 and $0.42.
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Given this analysis, forecasting ADA’s price becomes challenging. It’s worth noting that Cardano’s all-time high (ATH) is around $3, and breaking that level in this bull run now seems pretty unrealistic since it’s almost 10x from here. Not even with the most recent and upcoming upgrades, it’s uncertain whether ADA has the strength to pull off such a dramatic increase.
Is Cardano Dead? Here’s One Crypto to Buy Instead
It’s premature to declare Cardano “dead” as long as it maintains strong development activities and a robust community. However, it might be wise for traders looking for bigger gains to explore other options.
One coin that has caught our attention is PandaWorld. This ERC-20 based next-generation meme coin is built on the Ethereum blockchain and is designed to provide real economic value beyond entertainment. PandaWorld features an innovative ecosystem that includes Play-to-Earn games, online casinos, and content platforms where users can earn and trade PADW tokens.
The project uses Ethereum’s stability and scalability, aiming to ensure a reliable and secure environment for its users. Additionally, PandaWorld focuses on community-driven governance, giving token holders a direct role in shaping the project’s future. Currently in presale, PandaWorld has already raised over $100,000 within days. This coin is worth looking into if you want to avoid coins with huge the market cap.
Read also: Bitcoin (BTC) Price Prediction: Why Analyst Forecasts Bold $300K by 2025
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