Cardano price recovered some footing on Tuesday, snapping a three-day losing streak to go up by 0.9 percent and trade at $0.333. ADA is reeling from a harsh summer that saw it slip out of the top ten crypto ranking by market capitalisation. That run mounted on an overall poor performance in 2024 that has seen it go down by 44 percent year-to-date.
The Chang Hard Fork activated on September 1 has so far failed to bring traffic to the Cardano network. The hard fork upgrade initiated Cardano’s transition to decentralised governance, with the implementation spread out in two phases. The blockchain’s operations, including code is currently under tghe Interim Constitutional Committee. The committee will have limited power during the 90-day transition period before full decentralisation kicks in in the second phase.
As the markets waits for the full implementation of the Chang Hard Fork, Cardano is preparing for the Ouroboros Leios upgrade. According to Cardano Founder, Charles Hoskinson, the upgrade is a new consensus algorithm that will vastly improve the blockchain’s transaction efficiency. Hoskinson stated on his X account that it will make Cardano faster than Solana without losing decentralisation.
ADA price is below the 20,50, 100 and 200 SMA levels, underlining a weak upside momentum, despite its gains in the last 24 hours. That said, the momentum indicator on ADAUSD calls for the upside above the 0.332 pivot mark. With the buyers in control, the first resistance could come at 0.334. However, if they extend that control, it could break above that barrier to test 0.337.
On the other hand, the sellers will have the upper hand if Cardano price moves below 0.332. That will likely establish the first support at 0.330. An extension of the downward momentum could happen if the sellers stay in control at the first support. That could break below that mark, invalidate the upside narrative and test 0.327.
This post was last modified on Sep 17, 2024, 10:16 BST 10:16