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The price of Cardano (ADA), the 11th largest cryptocurrency by market capitalization, is trading up amid mixed price action on the general crypto market.
After days of consolidation, the ADA price presented signals of upward movement. This positive movement comes as the broader cryptocurrency market faces uncertainty, making ADA's price action particularly significant.
Lead cryptocurrencies Bitcoin and Ethereum are sustaining losses as investors await the release of minutes from the latest Federal Reserve meeting. Bitcoin was down 1.99% in the last 24 hours, while Ethereum traded down 2.54% within the same time frame. Several other cryptocurrencies were nursing losses within this time frame.
At the time of writing, ADA was up 2% in the last 24 hours to $0.3515, and up 3% weekly. The rise extends the rebound from Monday's low of $0.327.
Tomiwabold OlajideCardano's ADA price rebound coincides with a significant milestone reached as regards the upcoming Chang hard fork. Yesterday, a proposed timeline for the activation of the upgrade was announced, triggering anticipation in the crypto community.
As the date for the activation of the Chang 1 hard fork approaches, the market closely watches the ADA price to see if it will sustain its newly found bullish momentum.
Cardano Chang 1 dates announced
Intersect, a member-based organization for the Cardano ecosystem, recently provided an update on the Chang hard fork, officially proposing the first set of dates for Chang #1 hard fork on the production mainnet.
The target for the mainnet hard fork is Tuesday, Aug. 27, with a final go/no go decision slated for early Friday, Aug. 23.
According to Intersect, the next appropriate window for the Chang hard fork after this date will be Sept. 3; however, present signs imply that Aug. 27 might be a realistic option, which is what the hard fork working group technical teams are aiming for.
Preproduction will begin with a hard fork on Aug. 22. The Chang hard fork will introduce Plutus V3 and on-chain governance to boost the Cardano network's scalability and decentralization.
Yuri Molchan
Vladislav Sopov
Dan Burgin