Mapping how ADA’s price reacted to Cardano postponing ‘Chang’ hard fork

As a seasoned analyst with years of experience observing the crypto market, I must say that Cardano’s recent delay in its Chang upgrade doesn’t seem to have dampened the spirits of ADA holders and investors. In fact, the resilience shown by ADA following the announcement is quite remarkable and speaks volumes about the confidence that the community has in Cardano’s future.

Today, Cardano is making headlines following a significant delay in its eagerly awaited upgrade. The planned hard fork, intended to usher in a new chapter for the network, has been temporarily pushed back. In the lead-up to this event, ADA showed an upward trend on charts as excitement grew among investors and the community.

Due to the postponement of the hard fork, interest has shifted towards predicting ADA‘s response to this new situation.

Cardano gets a new upgrade date

Earlier reports suggested that a hard fork for Cardano’s Chang was due in about a week, potentially on the 27th of August. But, there has been a change in plans since then. The hard fork will no longer happen in August and is now scheduled for September instead.

Charles Hoskinson, CEO of Cardano, announced on August 23rd (previously Twitter) that the implementation has been pushed back. He explained that major exchanges such as Binance and others are not yet prepared to accommodate the hard fork, which is why the update will now take place on September 1st.

The Cardano’s Chang hard fork represents a major update leading the network into the Voltaire era, characterized by decentralized decision-making. This upgrade will implement on-chain governance structures, giving ADA holders a greater say and influence in determining the network’s course.

Having worked in the blockchain industry for several years now, I can confidently say that this development is pivotal for Cardano’s growth and longevity. As someone who has witnessed the rise and fall of numerous projects due to centralization issues, I am thrilled to see Cardano taking steps towards strengthening its decentralized network structure. This not only ensures the long-term sustainability of the platform but also empowers the community by giving them a larger role in decision-making processes. As someone who believes in the power of decentralization and community governance, I am optimistic about Cardano’s future as it continues to prioritize these values.

How ADA fared in the hard fork’s build-up

The anticipation around the Cardano Chang hard fork led the altcoin to hike by 13% in the last few weeks. This trend could persist if the market perceives the successful implementation as a positive step forward for the network.

Mapping how ADA’s price reacted to Cardano postponing ‘Chang’ hard fork

Despite the delay in the hard fork, Cardano’s (ADA) price surprisingly didn’t show any signs of a drop-off. Analyzing its daily chart, AMBCrypto found that ADA actually increased in value towards the end of trading on August 23. In fact, by the end of the day, ADA had climbed by approximately 3.98%, reaching around $0.39 on the charts.

Additionally, an examination of ADA‘s Relative Strength Index (RSI) revealed a value approximately at 60, suggesting a bullish market movement. Yet, similar to significant network updates, there is a possibility for temporary price fluctuations as the market adjusts to the revised governance mechanisms and overcomes any unexpected technical obstacles that might surface during the implementation process.

Cardano continues to battle for top-10

Over the past few days, Cardano (ADA) and Tron (TRX) have been locked in a fierce battle for the tenth position among cryptocurrencies based on market capitalization. With each asset having a market value approximately $14 billion, the competition is extremely close, as the difference in their rankings is only measured in millions, making for an intense struggle to claim the higher spot.

Nevertheless, the forthcoming Cardano’s Chang Hard Fork, fueled by enthusiasm, might be the catalyst ADA requires to regain its position among the top ten cryptocurrencies. The excitement surrounding this major network update could stimulate increased investor attention and trading activity.

Making this shift might elevate ADA‘s market value and assist in reestablishing its place among the leading ten cryptocurrencies.

2024-08-24 16:07

Cardano gets a new upgrade date

How ADA fared in the hard fork’s build-up

Cardano continues to battle for top-10

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