Cardano (ADA) is gearing up for the upcoming Cardano Node 9.0 hard fork, which is anticipated to steer the blockchain towards the Voltaire era.
The price of ADA has been facing significant bearish pressure, struggling to break past the $0.5 mark for over two months. Technical indicators point towards sellers holding the upper hand, causing the price to remain stagnant around the 0.382 Fibonacci level.
Despite some critics labeling Cardano as a passive or dying blockchain, and its native token ADA as “dead” due to its inability to see substantial price increases, the platform continues to exhibit bullish signals in anticipation of the impending Cardano Node 9.0 hard fork.
This hard fork is projected to pave the way for the Cardano Chang fork, propelling the blockchain towards the Voltaire era.
Interestingly, following the announcement of the hard fork by founder Charles Hoskinson, ADA’s price began to show signs of momentum, albeit without a significant boost in trading volume. The current trading setup indicates that a notable price movement is on the horizon.
Remaining in a bearish position, ADA has struggled to break above the yearly highs near $0.8, with bearish sentiment dictating its price trend and keeping it below the $0.5 threshold for an extended period.
Despite the persistent bearish trend, the current market conditions suggest that selling pressure may soon decrease as bulls gear up to establish an upward trajectory.
In recent days, ADA has experienced a 50% pullback, leading to skepticism among traders and hindering buying pressure as bears maintain their dominance over the market. The price consistently fails to surpass the crucial 50-day moving average, further confirming the bearish influence over the token.
Furthermore, indicators like the On-Balance Volume (OBV) are trending downwards, indicating that sellers have the upper hand over buyers. This suggests that the descending trend may persist.
Analyzing chart patterns, ADA’s price is currently hovering around the 0.382 Fibonacci retracement level, with a potential pullback to the 0.236 level likely to attract fresh liquidity to the platform.