- Cardano will not see a Chang upgrade in August
- ADA reacted positively despite the news of the network delay
Cardano is in the news today after suffering a major setback in its highly anticipated upgrade. The hard fork that was supposed to usher in a new era for the network was ultimately postponed. In the lead-up to this event, ADA saw an uptrend on the charts as anticipation grew among investors and the community.
However, with the delay of the hard fork, attention now turns to how ADA will react to this development.
Cardano gets new upgrade date
Previously, AMBCrypto reported that the Cardano Chang hard fork was expected to take place in the coming week, presumably on August 27. However, plans have since changed, and the hard fork will not take place in August, but has been set as September as the new target date.
Cardano CEO Charles Hoskinson announced this delay in a post on X (formerly Twitter) on August 23. Hoskinson attributed the postponement to the unwillingness of major exchanges like Binance and others to support the hard fork. According to his post, the next available window for the hard fork is now September 1st.
The Cardano Chang hard fork is a significant upgrade that marks the network’s transition into the Voltaire era, which focuses on decentralized governance. This hard fork will introduce on-chain governance mechanisms and give ADA holders a more direct role in shaping the future of the network.
This development is crucial for the development of Cardano as it strengthens the decentralized structure of the network and improves community participation in decision-making processes.
How ADA performed in the run-up to the hard fork
Anticipation of the Cardano Chang hard fork has seen the altcoin rise by 13% in recent weeks. This trend could continue if the market perceives the successful implementation as a positive step forward for the network.
Source: TradingView
Interestingly, despite the announcement of the hard fork postponement, there was no negative reaction to the ADA price. Analysis of AMBCrypto’s daily timeframe chart revealed a price increase at the close of trading on August 23. In fact, ADA gained 3.98% and was trading at around $0.39 on the charts.
Furthermore, an analysis of ADA’s Relative Strength Index (RSI) revealed that it is showing a value of around 60, indicating an uptrend. However, as with any major network upgrade, there is a possibility of short-term volatility as the market adjusts to the new governance structures and overcomes unforeseen technical challenges that may arise during the implementation phase.
Cardano continues to fight for the top 10
Over the past few days, Cardano (ADA) has been locked in a close battle with Tron (TRX) for the tenth spot in the cryptocurrency market cap rankings. Both assets have a market cap of around $14 billion, with the difference between them being only a few million, resulting in a tight race for the higher rank.
– Is your portfolio in the green? Check out the Cardano Profit Calculator
However, the upcoming Cardano Chang hard fork and the hype surrounding it could give ADA the boost it needs to reclaim the tenth spot. The anticipation of this significant network upgrade could lead to greater investor interest and market activity.
This move could increase ADA’s market capitalization and help the company regain its position in the top ten.
