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Why Is ADA Price Up Today?
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.
Here Are the Reasons Why ADA Price Is Up Today
Chang Hard Fork Scheduled For Next Week
Cardano founder Charles Hoskinson confirmed that the target date for Chang hard fork mainnet is Tuesday, August 27. This upgrade marks the beginning of Voltaire era, introducing features like Plutus V3 and on-chain governance. This will further improve the platform’s scalability and decentralization.
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. Cardano infrastructure readiness has reached a significant level, with 85% of blocks are minted by nodes with version 9.1.0. Also, only 14 exchanges are ready with the hard fork, according to Cexplorer data.
Massive Buying By Derivatives Traders
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.
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.
ADA Price To Rally After Breakout
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).
Other indicators such as RSI 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.
Cardano price 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.
Varinder Singh
Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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