Cardano has not been left behind in the ongoing resurgence, as have Bitcoin and other top altcoins. The daily chart shows that ADA, the native currency, is up about 4% over the past day and 17% in the past week, according to CoinMarketCap data.
Analyst: Bulls to raise ADA by 2X
Even as ADA reverses recent losses, one analyst believes there is more to come. In a post on X, the analyst he said the coin is preparing for a further price boost that could cause ADA to boost by more than 2X in the medium term.
The bullish outlook is primarily technical based on the candlestick pattern on the daily chart. ADA has been up almost 40% since July 8, rising from under $0.35 to over $0.44 at the time of going to press.
This boost also comes on decent trading volume. Although prices have been moving sideways in the past few days, the uptrend is clear. At this rate, ADA bulls seem to be targeting $0.51, the immediate liquidation line and the May 2024 highs.
It is worth noting that the ADA price expansion from the June and July 2024 lows marked the coin breaking out of a bull flag. As the analyst noted, a rally above a falling wedge and multi-week resistance trendline was crucial on July 13. Crucially, bulls confirmed the rally, supporting bullish buyers.
Growth is expected, however. ADA is a leading altcoin, benefiting from the recovery in Bitcoin and Ethereum prices. Beyond that, holders are banking on fundamentals, especially the upcoming activation of the Chang demanding fork in the next two weeks.
Cardano prepares for Chang and Voltaire demanding fork
Over the years, Cardano has been evolving. Each transition has benefited ADA prices and holders from Byron to Basho. That is why, as the community prepares for the Chang demanding fork, ADA prices seem to be rising in tandem.
The update will mark the beginning of the Voltaire era. At this stage, the goal is to decentralize governance, giving voting rights to ADA holders. To enable this, Cardano developers are introducing Representative Delegates, which will facilitate decision-making. In addition, the goal will be to further improve the speed of transaction processing and boost network security.
The development team has released Cardano node 9.0 ahead of Chang’s launch demanding fork. This major node update marked the end of core development and the beginning of on-chain governance. However, minor changes will be necessary to integrate the elements outlined in the Cardano constitution.
