Cardano (ADA) is gearing up for the Cardano Node 9.0 hard fork, which is expected to propel the blockchain into the Voltaire era.
The ADA price has been heavily impacted by bearish forces, with the rally remaining below $0.5 for over two months. Technical indicators suggest that sellers are in control, keeping the price stagnant around the 0.382 Fibonacci level.
Despite some viewing Cardano as a passive or declining blockchain, and ADA being labeled as “dead” due to its lack of significant price increases, the platform is showing signs of bullish momentum as it prepares for the upcoming Cardano Node 9.0 hard fork.
This hard fork is anticipated to pave the way for the Cardano Chang fork, ultimately guiding the blockchain towards the Voltaire era.
Interestingly, shortly after founder Charles Hoskinson announced the hard fork update, the ADA price started gaining momentum, although trading volume did not significantly increase. However, the current trading setup suggests that a significant price movement is imminent.
Cardano remains in a bearish position, with the price trend being influenced by bearish sentiment since being rejected near yearly highs around $0.8. The rally has been stuck below $0.5 for over two months.
Despite the prolonged bearish trend, the current setup indicates that selling pressure may decrease soon as bulls prepare to establish an upward trend.
In recent days, ADA price experienced a 50% pullback, leading to skepticism among market participants and hindering buying pressure as bears maintain dominance. Despite multiple attempts, the price continues to struggle to surpass the key 50-day moving average, reinforcing the bearish influence.
Additionally, technical indicators like the On-Balance Volume (OBV) are declining towards the lower range, indicating sellers have the upper hand over buyers, signaling a potential continuation of the downward trend.
Based on chart patterns, ADA price is currently hovering around the 0.382 Fibonacci retracement level, and a pullback to the 0.236 level could attract new liquidity to the platform.
