The Cardano Chang Hard Fork, despite not dropping as scheduled, continues to keep the current ADA price on the most bullish track. Expectations are that the completion of the hard fork will boost ADA, possibly taking it to its previous ATH of $3.1. However, whether the expected rally will be as significant as the 2021 rally that followed the Alonzo Hard Fork remains to be seen.
ADA Price Surge legend of 2021
In 2021, the Cardano Alonzo Hard Fork was one of the most important events in the cryptocurrency market, with expectations of smart contracts and DeFi capabilities finally launching on the network. This expectation resulted in a surge in prices.
In the months leading up to the hard fork, the price of ADA would rise from a low of $0.2 to over $3.1. By the time the Alonzo Hard Fork was completed in September 2021, the price of ADA would have completed a gain of over 1,400%, outperforming Bitcoin and Ethereum at the height of the bull market.
The 2021 action highlights the bullish trend surrounding all hard forks on the network and how it could contribute to price increases. A similar bullish trend could follow the price of ADA in anticipation of the Cardano Chang Hard Fork, but what if it rallies like in 2021?
ADA price may reflect price increase 2021?
According to founder Charles Hoskinson, Cardano Chang’s hard fork was expected to take place in Q2. However, Q2 is over at the end of June and the hard fork has not yet been completed. This gives more time for market momentum to build before the actual upgrade.
Now, coming back to the ADA price, there are high expectations that it will push the ADA price to the coveted $1 level. But looking at the bull run in 2021, the same bull run could take the price higher than the expected $1 level.
A 1,400% increase from the current price would take ADA to $5.70 at the top of the channel. This would also mean that ADA would reach an ATH this year if it plays out similarly to the 2021 hard fork.
At the time of writing, Cardano continues to trend at $0.41, with a gain of 1.26% over the past 24 hours.
ADA 4 Hour Price Chart | Source: Tradingview.com
You can see the ADA price here.
Minh Anh
According to Bitcoinist
