In the midst of the ongoing cryptocurrency market rebound, Cardano (ADA) is making significant strides alongside major coins like Bitcoin. According to CoinMarketCap, ADA has seen a notable 4% increase in the last 24 hours and an impressive 17% rise over the past week.
Analyst Forecasts ADA to Double
One analyst is particularly optimistic about ADA’s future. In a recent post on X, the analyst shared that ADA could potentially see its price double in the medium term, based on recent technical analysis.
Since July 8, ADA has surged by nearly 40%, rising from below $0.35 to over $0.44. This growth is supported by strong trading volumes, indicating robust investor interest. Although ADA’s price has moved sideways in the past few days, the overall trend remains bullish. ADA enthusiasts are now eyeing $0.51, which aligns with the highs seen in May 2024.
The price rise since June 2024 marks a significant breakout from a bull flag pattern. According to the analyst, the move above the descending wedge and multi-week resistance line on July 13 was a pivotal moment. This breakout has reinforced the bullish momentum, encouraging optimistic buying activity.
ADA’s gains are consistent with the broader altcoin market’s recovery, benefiting from the resurgence in Bitcoin and Ethereum. Additionally, the upcoming Chang hard fork is generating further excitement among holders.
Cardano’s Chang Hard Fork and Voltaire Era
Cardano has a track record of enhancing its blockchain through systematic upgrades, each positively impacting ADA prices. As the network approaches the Chang hard fork, ADA’s price movement reflects growing anticipation.
The Chang hard fork will mark the beginning of the Voltaire era, focusing on decentralized governance and empowering ADA holders with voting rights. To facilitate this, Cardano developers will introduce Delegate Representatives to streamline decision-making processes, improve transaction speeds, and bolster network security.
Ahead of the hard fork, the Cardano team has released node version 9.0, completing the primary development phase and initiating on-chain governance. While minor adjustments are expected to align with the new Cardano constitution, the major developmental milestones have been achieved.
With these ongoing developments and strategic upgrades, Cardano’s outlook remains positive, potentially propelling ADA to new heights in the coming months.
