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Home»TRADING NEWS»Will Cardano (ADA) Price Surge Before the Bitcoin Hard Fork?
TRADING NEWS

Will Cardano (ADA) Price Surge Before the Bitcoin Hard Fork?

By Crypto FlexsAugust 31, 20243 Mins Read
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Will Cardano (ADA) Price Surge Before the Bitcoin Hard Fork?
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Cardano (ADA) price is gearing up for a rally, with the upcoming Change hard fork potentially sending the altcoin soaring.

These results are supported by large wallet holders and retail investors, whose demand can generate billions of dollars in profits.

Cardano investors see green

Cardano’s price is on the verge of potentially exceptional gains ahead of the network’s upcoming hard fork, which will implement new on-chain governance features that will allow Cardano users to play a more direct role in network decisions. Originally scheduled for late August, the hard fork has been postponed to September 1.

This has led to strong demand for ADA. There are about $4.32 billion worth of ADA that are close to profitability. The Global In/Out of the Money (GIOM) indicator shows that this supply was bought between $0.33 and $0.36. If it breaks out of the falling wedge pattern, this supply could be profitable.

Read more: How to Buy Cardano (ADA) and Everything You Need to Know

Cardano Whale Trading. Source: IntoTheBlock

Moreover, whales have been focusing on accumulating ADA rather than selling it over the past month, which shows their confidence in the future of the token. Net outflows have been largely positive, indicating that large wallet holders are expecting an increase in the ADA price.

High demand, whale accumulation, and positive net inflows suggest a potential bullish scenario for ADA. These factors combined could lead to significant price appreciation, which could lead to a rally with bullish developments.

Cardano GIOM.
Cardano GIOM. Source: IntoTheBlock

ADA Price Prediction: Looking to the Stars

The Windows hard fork could trigger a massive rally if Cardano price successfully breaks out of the bullish falling wedge pattern. The pattern suggests a 45% upside, and the altcoin has a target price of $0.54.

The breakout is likely to be delayed due to market uncertainty about the impact of the hard fork. This places the delayed breakout target at $0.53. However, the bullish outlook will only be confirmed if ADA flips $0.42 as a support floor and rises to $0.46.

Read more: Cardano (ADA) Price Prediction 2024/2025/2030

Cardano price analysis.
Cardano Price Analysis. Source: TradingView

On the other hand, if the breakout of $0.42 fails, the altcoin will enter a consolidation. $0.42 and $0.37 have previously been used as consolidation ranges, so they can act as key levels once again. This will invalidate the bullish theory.

disclaimer

In accordance with the Trust Project guidelines, this price analysis article is provided for informational purposes only and should not be considered financial or investment advice. BeInCrypto strives to provide accurate and unbiased reporting, but market conditions are subject to change without prior notice. Always conduct your own research and consult with a professional before making any financial decisions. Please be advised that our Terms of Use, Privacy Policy and Disclaimer have been updated.

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