Cardano

bullish

Notable

Daily

<p>Cardano bulls are preparing for strong upward movement amid a number of favorable developments recently. The primary rationale behind ADA price 6% upside momentum today comes as the network gears up for that most significant Chang hard fork next week.</p> 
<h2 id="here-are-the-reasons-why-ada-price-is-up-today">Here Are the Reasons Why ADA Price Is Up Today</h2> 
<h3 id="chang-hard-fork-scheduled-for-next-week">Chang Hard Fork Scheduled For Next Week</h3> 
<p>Cardano founder <strong>Charles Hoskinson</strong> confirmed that the target date for <strong>Chang hard fork mainnet</strong> is Tuesday, August 27. This upgrade marks the beginning of Voltaire era, introducing features like <strong>Plutus V3</strong> and on-chain governance. This will further improve the platform’s scalability and decentralization.</p> 
<p>With a final go or no-go decision scheduled for tomorrow, August 23. Pre-production will hard fork on the 22nd of August in preparation. <a href="https://coingape.com/cardano-enters-chang-hard-fork-era-with-node-9-1-0-upgrade/" target="_blank" rel="noopener">Cardano infrastructure readiness</a> has reached a significant level, with <span class="r-b88u0q">85%</span> of blocks are minted by nodes with version 9.1.0. Also, only 14 exchanges are ready with the hard fork, according to <a rel="nofollow" href="https://cexplorer.io/hfs" target="_blank">Cexplorer data</a>.</p> 
<h3 id="massive-buying-by-derivatives-traders">Massive Buying By Derivatives Traders</h3> 
<p>Cardano futures open interest rebounding in the last 2 days amid the recent development activity. The return of buying activity indicates traders anticipating a short-term rally in ADA price amid the upgrade.</p> 
<p class="MuiTypography-root MuiTypography-h1 cg-style-se7ge8">Total ADA futures open interest (OI) climbed 4% in the last 24 hours, with 513.16 million ADA OI worth $187.46 million. Also, ADA OI has increased 0.13% in the last 4 hours. Notable buying activity was observed on crypto exchanges Bitget, BingX, Cryptocom, and Coinbase.</p> 
<figure id="attachment_213582" aria-describedby="caption-attachment-213582" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class=" wp-image-213582" src="https://coingape.com/wp-content/uploads/2024/08/screenshot-www_coinglass_com-2024_08_22-17_01_29-1224x432.png" alt="ADA price cardano futures" width="766" height="271" srcset="https://coingape.com/wp-content/uploads/2024/08/screenshot-www_coinglass_com-2024_08_22-17_01_29-1224x432.png 1224w, https://coingape.com/wp-content/uploads/2024/08/screenshot-www_coinglass_com-2024_08_22-17_01_29-300x106.png 300w, https://coingape.com/wp-content/uploads/2024/08/screenshot-www_coinglass_com-2024_08_22-17_01_29-768x271.png 768w, https://coingape.com/wp-content/uploads/2024/08/screenshot-www_coinglass_com-2024_08_22-17_01_29-1536x543.png 1536w, https://coingape.com/wp-content/uploads/2024/08/screenshot-www_coinglass_com-2024_08_22-17_01_29-150x53.png 150w, https://coingape.com/wp-content/uploads/2024/08/screenshot-www_coinglass_com-2024_08_22-17_01_29.png 1718w" sizes="(max-width: 766px) 100vw, 766px">
 <figcaption id="caption-attachment-213582" class="wp-caption-text">
  Source: Coinglass
 </figcaption>
</figure> 
<h3 id="ada-price-to-rally-after-breakout">ADA Price To Rally After Breakout</h3> 
<p>ADA price saw a 6-month descending trendline breakout in the daily timeframe on Wednesday, triggering an increase in trading volumes in spot and derivatives markets. Also, the price is near to breaking above the 50-SMA (blue), triggering a rally towards the 100-SMA (red).</p> 
<p>Other indicators such as <a href="https://coingape.com/glossary/rsi-relative-strength-index/" target="_blank" rel="noopener">RSI</a> and MACD signal an upcoming rally. Moreover, the increase in network activity, bullish trader sentiment, and anticipation around the Hydra Layer 2 solution would support the upside momentum in ADA price.</p> 
<figure id="attachment_213588" aria-describedby="caption-attachment-213588" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class=" wp-image-213588" src="https://coingape.com/wp-content/uploads/2024/08/ADAUSDT_2024-08-22_17-28-17-1224x464.png" alt="ADA USDT" width="757" height="287" srcset="https://coingape.com/wp-content/uploads/2024/08/ADAUSDT_2024-08-22_17-28-17-1224x464.png 1224w, https://coingape.com/wp-content/uploads/2024/08/ADAUSDT_2024-08-22_17-28-17-300x114.png 300w, https://coingape.com/wp-content/uploads/2024/08/ADAUSDT_2024-08-22_17-28-17-768x291.png 768w, https://coingape.com/wp-content/uploads/2024/08/ADAUSDT_2024-08-22_17-28-17-1536x582.png 1536w, https://coingape.com/wp-content/uploads/2024/08/ADAUSDT_2024-08-22_17-28-17-150x57.png 150w, https://coingape.com/wp-content/uploads/2024/08/ADAUSDT_2024-08-22_17-28-17.png 1695w" sizes="(max-width: 757px) 100vw, 757px">
 <figcaption id="caption-attachment-213588" class="wp-caption-text">
  Cardano Price in Daily Timeframe. Source: TradingView
 </figcaption>
</figure> 
<p><a href="https://coingape.com/markets/cardano-price-can-rally-to-0-45-if-this-key-resistance-yields/" target="_blank" rel="noopener">Cardano price</a> jumped 6% in the last 24 hours, with the price currently trading at $0.3731. The price can rally to $0.45. The 24-hour low and high are $0.3509 and $0.3773, respectively. Furthermore, the trading volume has increased by 30% in the last 24 hours, indicating a rise in interest among traders.</p> 
<p>The post <a href="https://coingape.com/why-is-ada-price-up-today/">Why Is ADA Price Up Today?</a> appeared first on <a href="https://coingape.com">CoinGape</a>.</p>

Why Is ADA Price Up Today?

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