Crypto trader Captain Faibik has pointed out a notable technical pattern on Cardano’s (ADA) daily timeframe chart, suggesting a potential breakout could rally to $0.7 in the coming days. This prediction aligns with the upcoming Chang Hard Fork, where ADA’s price has started to recover after weeks of decline.
According to Faibik’s analysis, the Falling Wedge on ADA’s chart typically indicates decreasing selling pressure and potential for a breakout to the upside. This pattern often signals a reversal from a downtrend, with traders anticipating a bullish movement once the price breaks above the upper trendline of the wedge.
The breakout from the Falling Wedge could lead to significant upward momentum, potentially confirming a bullish trend reversal for Cardano.
The chart shows that ADA might rise to $0.7 soon, aligning with the positive outlook for the Chang hard fork. Historically, similar patterns have led to big price moves in Cardano, making this prediction especially noteworthy.
The upcoming Chang Hard Fork is an important event for Cardano, marking a significant step towards improving how it is governed to become more decentralized.
Recently announced on June 27 by the Cardano Foundation, this initiative outlines its role in the Interim Constitutional Committee (ICC) and upcoming elections. The goal is to create clear and fair rules for how Cardano operates in the long term.
This new way of governing Cardano involves making changes when needed, upgrading through hard forks, and sharing important information. These actions are meant to create strong and open ways of running Cardano, which are crucial for building trust and supporting new ideas in the Cardano community.
Recent data from CoinGlass indicates that ADA Futures Open Interest has seen a 4% rise, now standing at $220.38 million. As of now, Cardano’s price has seen a rise of 1.85% to reach $0.3955. However, trading volume for the day has also increased by 25% to $328.63 million
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