Cardano Price Prediction As Binance Readies for Chang Hard Fork

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Cardano price slipped below a major resistance zone, and traders immediately began opening Shorts, anticipating lower prices. Meanwhile, the Binance exchange confirmed its readiness for the Chang hard fork, which was pushed forward to allow more exchanges to prepare. ADA price dropped 1.1% over the last 24 hours to trade at $0.3637.

DAA, Whale Activity Hints Cardano Price Rally

Cardano saw a spike in whale transaction count on August 27. Santiment recorded 89 transactions of over $100,000 each, signaling a significant increase in whale activity. This is the largest spike since August 2, and it happened while the price of Cardano was dropping, signaling that whales might be accumulating ADA.

Cardano (ADA) [21.08.56, 27 Aug, 2024]

Additionally, according to data from IntoTheBlock, the Cardano daily active addresses (DAA) increased by 16.91% over the last 24 hours. This increase brought the total number of addresses to 23,523 DAA. Combined with the spike in whale transactions, this could mean new whales are entering the ADA fold, impacting the Cardano price.

On the other hand, Cardano volume continues to dwindle despite an immensely successful demo of the Hydra DOOM at the RareEvo Blockchain event in Las Vegas.

According to Messari Research data, Cardano transaction volume has been dropping since the March mini-bull run high. The ADA volume hit $5.29 billion on August 27, the second lowest recorded volume this year after August 12.

Cardano transaction volume

Even though DAA increased over the last day, they have drastically reduced YTD. At the height of the March bull run, Cardano had 71,223 active addresses. However, that number has dropped by over 66%, which corresponds with the dropping transaction volume.

ADA Price Prediction

Cardano shows a potential reversal to the downside after failing to sustain the recent bullish momentum. The price dropped below the 50-day exponential moving average (EMA), indicating bearish pressure might be taking over.

The MACD line is above the signal line but appears to be converging. The histogram is losing its positive momentum, indicating a potential bearish crossover. This suggests weakening bullish momentum and the possibility of a further downward move.

MACD

Cardano price may find support around $0.30 as this price level has previously acted as a strong support level and is likely to be a key area of interest if the price continues to drop. If bulls take over and stage a rally, ADA price may experience resistance around $0.3747, which now acts as immediate resistance. A sustained break above this level could signal a shift in momentum back to bullish.

Overall, the Cardano price is still bearish despite positive fundamental developments. Futures traders are opening shorts, which may contribute to the drop. However, the increase in whale activity and daily active addresses suggests they are accumulating, signaling the drop may be short-lived.

Frequently Asked Questions (FAQs)

The Chang hard fork is an upcoming upgrade to the Cardano network. Binance has confirmed its readiness to support the hard fork, which was delayed to allow more exchanges to prepare.

A spike in whale transactions suggests significant buying activity from large holders.

While the price trend is currently bearish, the increase in whale activity and daily active addresses could signal accumulation, suggesting the downward trend might be short-lived.

Evans Karanja

Evans Karanja is a content writer and scriptwriter with a focus on crypto, blockchain, and video gaming. He has worked with various startups in the past, helping them create engaging and high-quality content that captures the essence of their brand. Evans is also an avid crypto trader and investor, and he believes that blockchain will revolutionize many industries in the years to come. When he is not writing, you can find him playing video games or chasing waterfalls.

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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