Cardano Price Prediction: Can ADA Price Surge After Node Upgrade?

Cardano (ADA) has gained significant attention lately. Experts predict a potential price surge following the recent launch of the Node 9.1.0. Many believe this upgrade could be a catalyst for ADA's rise.

Moreover, renowned analytic firm Santiment has indicated that Cardano (ADA) might experience a price increase soon. Based on this, can ADA surge to a $0.427 resistance level? Let's explore the possibilities in the analysis below.

Cardano Price Action: Recent ADA Movements

Since ADA touched $0.45, it has been on a steady downward trend.The price fell to $0.38 on July 25, marking a 15.56% decrease. However, after hitting this level, ADA made a U-turn, climbing to $0.42 on July 27, suggesting the return of buyers.

Today, July 31, ADA is hovering around $0.40 with a volume of $270.1 million. According to CoinMarketCap, its price has remained stable in the past 24 hours.

However, Cardano (ADA) has declined by 3.46% in the last seven days. Despite the bearish sentiment, some factors suggest a potential momentum shift.

Will Chang Hard Fork Ignite ADA Price?

Over the years, Cardano has seen price increases with each major update. The community expects ADA to surge following the latest development within its ecosystem.

Node 9.1.0, the newest validator node, is an update of Node 9.0 released on July 8. This new node fixes some bugs and requires using the Conway Genesis file on the mainnet.

Node 9.1.0 is here!

The final version to bring on-chain decision making to Cardano is here. As with all hard-forks, Cardano upgrades when the community is ready.

SPO's https://t.co/UwgSE0dWc0

DApps, wallets, exchanges & more get #ReadyforChang https://t.co/vDJ4yyIdHP pic.twitter.com/fnHLgupBmn

- Intersect (@IntersectMBO) July 25, 2024

This file will enable the switch to the Chang hard fork. Moreover, the update will mark the start of the Voltaire era.

It has begun!

The biggest #Cardano upgrade in history is happening now.

The Chang Hard Fork explained pic.twitter.com/TY8jri4CLI

- Altcoin Daily (@AltcoinDailyio) July 8, 2024

Meanwhile, Cardano's founder said on YouTube that 70% of nodes must agree to update the new software to start the hard fork. This change will likely increase interest and investment in ADA.

Additionally, the goal is to improve transaction speed and boost network security. These enhancements can attract more users and investors, driving the price up.

The mood around the cryptocurrency has improved as the Chang hard fork progresses after Cardano node 9.1.0 was released.

Analyst Sssebi' on X (formerly Twitter) believes Cardano is currently the most undervalued asset in the top 10". The analyst suggests investors and traders should stay positive about Cardano and expect a price surge.

$ADA is the most undervalued asset in the top 10.
Bitcoin, Solana and Ton have already pumped quite a lot and might not do more than 5x from here.
On the other hand $ADA still has 10x-20x from this point.
Would be smart to start rotating gains into $ADA now.

- Sssebi (@Av_Sebastian) July 27, 2024

On the other hand, $ADA still has 10x-20x from this point," says Sssebi. 10X from its present rate of $0.40 will take ADA to $4.

Cardano Among Top Altcoins Facing Heavy Shorting, Potential Price Jump Ahead

On July 24, Santiment revealed on X that Cardano (ADA) is among the altcoins currently facing significant shorting pressure.Santiment's report focused on the Funding Rate indicator for Cardano on Binance, which has been negative for five weeks straight.

Notably, a negative funding rate suggests that more traders are betting against ADA's price rise. Historically, such aggressive shorting often leads to positive price movements.

This happens through a mechanism called a liquidation squeeze. When many short positions are open, a slight price increase can trigger a chain reaction of liquidations.

Santiment's data showed similar shorting patterns for Cardano earlier this year. That period was followed by a 10% price surge for ADA. Moreover, other altcoins like Chiliz and Fantom saw even bigger jumps after heavy shorting.

This pattern suggests that ADA might be poised for a potential price increase. The current shorting pressure could lead to a significant rally if history repeats.

ADA Price Analysis: Potential Bullish Breakout on the Horizon

Cardano (ADA) is currently showing signs of a potential trend reversal. The cryptocurrency is trading below its bearish trendline but steadily rising toward a critical level. If ADA can break above this trendline, it could trigger a significant buying signal.

In addition, ADA is on the verge of breaking above the 200-day Simple Moving Average (SMA). A successful breach of the 200-day SMA would be a strong bullish signal.

The Relative Strength Index (RSI) for ADA is currently around 40, suggesting that the asset is neither overbought nor oversold. However, it's approaching the midpoint of 50, which could indicate growing bullish momentum if it continues to rise.

If ADA breaks above the bearish trendline and the 200-day SMA, it could spark renewed buyer interest. This double breakout scenario might lead to a significant price surge.

A confirmed breakout could present a good entry point for long positions. However, it's crucial to wait for confirmation to avoid false signals. While ADA shows promising signs, a new market entrant, The Meme Game, is gaining traction.

The Meme Games: A New Crypto Project Capitalizing on Olympic Excitement

The Meme Games ($MGMES) is a new cryptocurrency project inspired by the 2024 Olympics. It raised over $150,000 within hours of its presale launch. As of today, each token trades at $0.0091.

The project features five meme athletes competing in a virtual race. Investors can earn a 25% bonus on their initial purchase if their chosen meme coin wins.

Potential and Appeal to Investors

The Meme Games offers a unique blend of entertainment and investment opportunity. Investors can participate in a gamified experience while potentially earning rewards.

The project's presale structure encourages early participation with higher discounts and staking APY. You can stake $MGMES tokens on the Ethereum blockchain for passive income.

This feature allows investors to earn additional rewards in addition to the game winnings. Currently, the APY is 751%, with over 13.4 million tokens.

The Meme Games has a clear roadmap, including plans for DEX listing and presence on significant crypto tracking websites. Its presale will run alongside the Olympics and Paralympics, with a token launch event scheduled for September 10.

Investors can easily buy $MGMES tokens through the project's website using ETH, BNB, or USDT. Interested investors can visit the official website for more information.

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