Cardano (ADA) Pumps 19% from August Lows, Heading Toward Highest Level in 60 Days
Following a big upgrade in the Cardano blockchain upgrade, the trade price recovered nearly 20%+ in the last 5 days.
The current trade price is $0.38 & this price is 2.7% high over the last 24 hours & 18.2% high over the last 7 days period which is itself a very big increment for this Cryptocurrency.
On August 21, Cardano’s native token, ADA, saw a significant increase in trading volume, jumping over 54%, according to Coinglass. This highlights growing trading activity and investor interest in the cryptocurrency.
According to Coinglass data, Cardano’s futures open interest has jumped 21% in the past week, reaching $191 million. This increase means more traders are taking new positions in the market.
The current funding rate for Cardano (ADA) is at 0.0067%, indicating that a majority of traders expect the price to rise. Positive funding rates show strong demand for long positions, reflecting bullish market sentiment. Given this data, the sentiment around ADA’s price is very optimistic, suggesting that a significant price increase could occur in the coming days.
Cardano Chang Hardfork
The upcoming Cardano Chang hard fork aims to enhance the security and scalability of the Cardano network. Scheduled for deployment soon, this upgrade is expected to improve the efficiency and overall performance of the ADA blockchain, further solidifying Cardano’s position in the market.
The Chang #1 hard fork is tentatively scheduled for Tuesday, August 27, but a final decision will be made on Friday, August 23. The date depends on the readiness of key metrics, which have been improving steadily in recent weeks.
Read also: WazirX Exchange to Gradually Reopen INR Withdrawals Following Recent Hack
