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The Cardano price jumped 2.5% in the last 24 hours to trade at $0.3575 as of 3:00 a.m. EST, after a 5% drop in trading volume to $360 million.
This price rise comes as the Cardano network prepares for the Chang hard fork, a major upgrade set to introduce significant changes to the mainnet. The upgrade includes mechanisms for user participation in blockchain governance, and is scheduled for Sept. 1.
On September 1st, Cardano will unveil one of its most exciting upgrades yet: the Chang hard fork. This major update will introduce fresh features and solidify the blockchain’s transformation into a community-driven network.
What Is the Chang Hard Fork?
Cardano’s development… pic.twitter.com/bzbFtodKMQ
— Lion’s Share Group (@Lions_Share_) August 29, 2024
Cardano Price Bulls Stage A Strong Support Zone
The Cardano price has been moving within a well-defined bearish channel on the 1-hour chart, characterized by lower highs and lower lows, indicating a downtrend.
However, as the price approached the lower boundary of this channel, it found support at a significant level, forming a double-bottom pattern. This pattern is typically seen as a bullish reversal signal, suggesting that the downtrend might be losing momentum and that an upward move could be on the horizon.
ADAUSDT Analysis Source: Tradingview
Additionally, the chart features two moving averages: the 50-period Simple Moving Average (SMA) at $0.3720 and the 200-period SMA at $0.3562. The current price is below both Moving Averages, generally indicating a bearish trend.
Furthermore, the Relative Strength Index (RSI) is currently at 58.35, moving upwards from a recent low near 49.16. This RSI movement supports the idea of a potential upward breakout, as the index is now above the 50 level, which is often seen as a bullish signal.
While the price remains below key SMAs, the combination of the double bottom pattern, increasing volume, and rising RSI suggests that Cardano (ADA) may be poised for a reversal. This could be a potential entry point for a long position, provided there is confirmation of the breakout.
Cardano Price Momentum Turns Bullish
The formation of the double bottom pattern near the support level, combined with the potential for a breakout from the bearish channel, suggests a possible shift in ADA’s momentum.
ADA could rise between the $0.3750 – $0.3800 range. This target represents the reward area, where a trader might aim to take profits. Furthermore, the trading volume increased as the price approached support, hinting at growing interest from buyers, possibly accumulating in anticipation of a bullish move.
Playdoge Presale Zooms Past $6.5 Million As It Nears Completion
As traders increasingly turn their attention to ADA in anticipation of the upcoming hard fork, investors are actively buying into the new Play-to-Earn meme coin Playdoge (PLAY), which has recently surged past $6.5 million.
This enthusiasm has led an analyst and crypto YouTuber from the 99 Bitcoins YouTube channel to predict that PLAY could explode 100X upon its launch.
PlayDoge has distinguished itself by blending the nostalgic appeal of 90s virtual pets, like Tamagotchis, with blockchain technology.
The project focuses on creating a platform where users can earn rewards by engaging in various gaming activities while capitalizing on the viral popularity of the Doge meme. Players adopt, care for, and train their virtual Doge pets to keep them content and healthy.
Beyond entertainment, players earn PLAY tokens by tending to their pets and participating in in-game activities. The game features classic 8-bit side-scrolling adventures, quests, and puzzles, providing multiple ways to earn tokens and enhance the gaming experience.
END OF THE PRESALE! 🚨
PlayDoge Claim and DEX Listings are launching on Thursday 29th at 10am UTC! 🚀
Import the token address into your wallet now for smooth claiming.
This is the very last chance to buy at list price. ⏳👇 https://t.co/uspqJZur98 pic.twitter.com/0CaCUQ7fzL
— PlayDoge (@PlayDogeGame) August 26, 2024
Last Chance: Stake PLAY For A 68% APY
Additionally, players can stake their PLAY tokens for an impressive 68% annual percentage yield (APY). You can buy the PLAY tokens on the project’s official website, buy widget, with each token priced at $0.00532. There is still a 45-minute window for investors to secure the best deal before the presale ends.
Buy PLAY tokens here using ETH USDT and a bank card.
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