Cardano (ADA) is preparing for a potential price surge ahead of the upcoming Chang hard fork, which introduces new on-chain governance features, allowing users more direct decision-making.
The demand for ADA is high, with about 4.32 billion ADA nearing profitability. This supply was bought between $0.33 and $0.36, potentially leading to significant gains if the descending wedge pattern is broken.
Whales have been accumulating ADA, indicating confidence in its future prospects. This is supported by positive netflows, suggesting a bullish phase for ADA. A breakout could lead to a 45% rise, targeting $0.54.
The bullish outlook hinges on ADA flipping $0.42 into support and rising to $0.46. However, if $0.42 is breached, the altcoin may enter a consolidation phase, invalidating the bullish thesis.
