Despite a delay in the highly anticipated upgrade, ADA saw some resilience on the charts.
- Cardano will not be seeing its Chang upgrade in August ADA reacted positively, despite news of the network’s delay
Cardano is in the news today after it encountered a major setback with its highly anticipated upgrade. The hard fork, which was expected to mark a new era for the network, has ultimately been postponed. Leading up to this event, ADA registered an uptrend on the charts as anticipation was built among investors and the community.
With the hard fork’s delay, however, attention is now turning to how ADA will react to this development.
Cardano gets a new upgrade date
Previously, AMBCrypto reported that the Cardano Chang hard fork was expected to happen in the coming week, tentatively on 27 August. However, plans have changed since, and the hard fork will not take place in August, with the new target date set for September.
Cardano CEO Charles Hoskinson announced this delay in a post on X (formerly Twitter) on 23 August. Hoskinson attributed the postponement to the unreadiness 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 01 September.
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, empowering ADA holders with a more direct role in shaping the network’s future.
This development is crucial for the evolution of Cardano, as it strengthens the network’s decentralized structure. It also enhances community participation in decision-making processes.
How ADA fared in the hard fork’s build-up
The anticipation around the Cardano Chang hard fork led the altcoin to hike by 13% in the last few weeks. This trend could persist 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’s postponement, ADA’s price did not see any negative reaction. AMBCrypto’s analysis of its daily timeframe chart revealed a price hike at the end of trading on 23 August. In fact, ADA gained by 3.98% and traded at around $0.39 on the charts.
Furthermore, an analysis of ADA’s Relative Strength Index (RSI) showed that it had a reading of around 60, indicating a bullish trend. However, as with any major network upgrade, there is potential for short-term volatility as the market adapts to the new governance structures and navigates any unforeseen technical challenges that may arise during the implementation phase.
Cardano continues to battle for top-10
In recent days, Cardano (ADA) has been engaged in a close contest with Tron (TRX) for the number ten spot in the cryptocurrency market capitalization rankings. Both assets have a market capitalization of around $14 billion, with the difference between them amounting to just millions, leading to a tight race for the higher ranking.
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However, the upcoming Cardano Chang Hard Fork and the surrounding hype could provide the boost ADA needs to reclaim the tenth spot. The anticipation around this significant network upgrade may drive greater investor interest and market activity.
The move could push ADA’s market capitalization higher and help it regain its position in the top ten.
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