Things have not been quite rosy for Cardano (ADA), as bears continue to bite, diminishing trader sentiment.
Leading on-chain metrics provider Santiment acknowledged this development: “Cardano is seeing the most bearishness in over a year. Counter-trading the crowd’s consensus could prove profitable.”
Source: Santiment
With Cardano shedding off 43% of its value in the past 4 months, traders have been shunning the altcoin based on dwindling perceptions.
Nevertheless, all hope is not lost, as technical indicators paint a different picture of Cardano, the tenth-largest cryptocurrency, which showcases various bullish signs.
For instance, ADA’s relative strength index (RSI) shows that the crypto is gearing up for upward momentum after breaching major resistance at the $0.4 area.
Crypto analyst Captain Faibik recently acknowledged that Cardano had left the station since a 2x surge was expected in the midterm, further cementing ADA’s bullish outlook.
According to CoinGecko data, ADA was hovering around the $0.38 zone at the time of writing.
What Does the Chang Upgrade Have to Offer?
The Cardano network is eyeing the Chang Upgrade set for August 2024 for enhanced decentralization.
This upgrade will trigger the incorporation of CIP-1694 into the network’s governance mechanism.
Chang will also usher in the Voltaire era, which will play an instrumental role in making Cardano an autonomous network consisting of its treasury system and voting.
Therefore, time will tell whether this upgrade will ignite the much-needed bullish fire in the ADA ecosystem.
