Cardano’s ADA May Be Set for a Big Move Post-Chang Hard Fork
The recent completion of Cardano’s Chang hard fork has sparked interest in its native token, ADA, which could be on the verge of a significant price increase.
New data suggests a potential upward trend for ADA.
Cardano traders are showing increasing optimism, as indicated by the 4-hour Long/Short ratio, which recently reached 2.91. This metric measures the volume of long versus short positions and is a strong indicator of market sentiment.
A ratio above 1 typically signals bullish expectations, and the current figure reflects that a majority of traders are betting on a price rise for ADA.
READ MORE: Trader Warns of Continued Bitcoin Downtrend Amid Lack of Major Buyers
Currently, ADA’s price stands at $0.33, experiencing a slight decline recently. However, the successful Chang upgrade is expected to reignite momentum for ADA, which has been relatively stagnant this year compared to other altcoins.
A recent forecast by analyst ‘Sssebi’ suggests that ADA could see substantial growth soon.
Although the bull market for ADA hasn’t started yet, Sssebi predicts that once it begins, ADA could rise significantly, potentially reaching between $1 and $5. The analyst also expects ADA to experience notable daily price swings, further adding to the excitement around its potential.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
