Cardano (ADA) Shows Strong Bullish Signs Ahead of Chang'e Hard Fork

Cardano (ADA) price is preparing for a rally, which could see the altcoin pump hard after the upcoming Chang Hard Fork event.

Supporting this prediction is the behavior of large wallet owners as well as retail investors.

Also Read: Cardano (ADA) retail investors cautious as Chang Hard Fork approaches

Cardano Investors See Profits

Cardano price is likely to see some significant gains as the network implements the Chang Hard Fork . The Hard Fork will implement new on- chain governance features that will allow Cardano users to have a more direct Vai in network decision-making. Originally scheduled for late August, the Hard Fork has been postponed to September 1.

This has led to strong demand for ADA. About 4.32 billion ADA worth $1.57 billion is approaching the profit level. The Global In/Out of the Money (GIOM) indicator shows that this supply was purchased between $0.33 and $0.36. A breakout from the Falling Wedge pattern could turn this supply into profit.

Furthermore, ADA whales have focused on accumulating ADA rather than selling over the past month, indicating confidence in the future of this altcoin. Netflow is mostly positive, indicating that large wallet owners are expecting an increase in ADA price.

High demand, whale accumulation, and positive net inflows indicate a potential bull run for ADA. These factors combined, point to a significant price increase, which could lead to a new bull run.

ADA Price Prediction : “To the Moon”

The Chang Hard Fork could trigger a major spike in Cardano ’s price if it succeeds in breaking out of a bullish Falling Wedge pattern. This pattern suggests a 45% upside potential, targeting $0.54.

There is a possibility that this breakout could be delayed due to the uncertainty in the market regarding the impact of the Hard Fork. This puts the breakout target at $0.53. However, the bullish outlook is only confirmed when ADA turns $0.2 into support and rises to $0.46.

On the other hand, if the breakout of $0.42 fails, ADA will enter an accumulation phase. Since $0.42 and $0.37 were accumulation ranges before, they could Vai as important levels again. This would invalidate the bullish thesis.

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