Home Altcoins News Cardano (ADA) Faces 41% Drop in 2024: Will the Chang Hard Fork Trigger a Turnaround

Cardano (ADA) Faces 41% Drop in 2024: Will the Chang Hard Fork Trigger a Turnaround

Cardano (ADA) Faces

Cardano (ADA) has been one of the hardest-hit crypto currencies. As of now, ADA has suffered a drastic 41% decline since the beginning of 2024. Currently trading at $0.3512, the crypto currency has seen a 5.50% drop in the last 24 hours alone. The upcoming Chang hard fork, scheduled for the end of July, has caught the attention of many in the crypto community, raising hopes for a potential rebound similar to the price surge experienced after Cardano’s previous hard fork in 2021.

The Significance of the Chang Hard Fork

The Chang hard fork represents the final step in Cardano’s ambitious plan to create a fully decentralized blockchain ecosystem. This update marks a transition into the Voltaire era, signifying a major milestone for the network. The anticipation surrounding the hard fork is palpable, with many hoping it will provide the much-needed boost to ADA’s beleaguered price.

A Year of Struggles for Cardano

Cardano’s price trends throughout the year have been far from encouraging. The token has seen a steady decline, exacerbated by the withdrawal of large investors, or whales, from the network. This exodus has significantly impacted market sentiment, driving ADA’s price downward.

A particularly alarming trend has been the reduction in transaction volumes for transactions exceeding $100,000. Over the past three months, this volume has plummeted from $17.2 billion to $8.4 billion, reflecting the growing caution among major investors.

Current Market Conditions

Despite the prevailing downtrend, there are some indicators that suggest a possible upturn. The Relative Strength Index (RSI) for ADA is currently below 40, a level that often signals an oversold condition and potential for a price rebound. However, the immediate outlook remains bleak, with ADA trading at $0.3512 and experiencing a 17.22% drop in trading volume over the past 24 hours, according to data from Coin Market Cap (CMC).

Price Analysis and Future Projections

If ADA’s price continues its downward trajectory and falls below the $0.35 mark, it is likely to test the critical support level at $0.32. Conversely, if the price manages to break above $0.37, it could climb to the resistance level at $0.39. These price points are crucial for traders and investors as they navigate the current volatility.

The Road Ahead

As Cardano gears up for the Chang hard fork, the network’s focus remains on enhancing decentralization and improving overall functionality. This upgrade could potentially shift market sentiment and attract renewed interest from investors.

However, the broader market conditions and investor sentiment towards cryptocurrencies will play a significant role in determining ADA’s future performance. The regulatory landscape, technological advancements, and macroeconomic factors will continue to influence the market dynamics.


Cardano (ADA) is undoubtedly facing challenging times, with a significant price decline and reduced trading volumes. The upcoming Chang hard fork presents a glimmer of hope, potentially a turnaround similar to the post-hard fork surge in 2021. For now, investors will be closely monitoring ADA’s price movements and the impact of the Chang hard fork on market sentiment.

As always in the volatile world of cryptocurrencies, staying informed and making data-driven decisions is crucial. Whether ADA will recover from its current slump remains to be seen, but the developments in the coming weeks will undoubtedly be pivotal for Cardano and its community.

Read more about:
Share on


Evie is a blogger by choice. She loves to discover the world around her. She likes to share her discoveries, experiences and express herself through her blogs.

Crypto newsletter

Get the latest Crypto & Blockchain News in your inbox.

By clicking Subscribe, you agree to our Privacy Policy.

Get the latest updates from our Telegram channel.

Telegram Icon Join Now ×