Home Altcoins News Cardano Faces Severe Selling Pressure Amidst Market Turbulence: What’s Next for ADA

Cardano Faces Severe Selling Pressure Amidst Market Turbulence: What’s Next for ADA

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Cardano (ADA) is currently grappling with significant selling pressure, causing concern among investors and traders. Over the last 24 hours, ADA has dropped 3.19%, bringing its price down to $0.4232. This decline comes amidst broader market challenges and heightened activity in the futures market, signaling a period of increased volatility and speculation.

Market Overview and Recent Performance

As of June 14, 2024, Cardano has experienced a notable decline in value, reflecting broader bearish trends in the cryptocurrency market. Over the past week, ADA’s price has fallen by 7.32%, intensifying concerns among holders. The current price stands at $0.4232, with a critical support level at $0.42. Should the price breach this support, a further decline to $0.39 is likely.

Rising Futures Trading Volume

One significant factor contributing to the current market dynamics is the surge in futures trading volume for Cardano. According to Coin Glass, ADA futures trading volume has increased by 29% in the past day, surpassing half a billion dollars. This surge highlights a growing preference for futures trading over spot trading, as traders seek to capitalize on short-term price movements.

Coin Market Cap data supports this trend, showing that the trading volume for Cardano on exchanges has reached $466 million, pushing the total volume above $1 billion. The increasing dominance of futures trading points to a more speculative trading environment, with market participants focusing on potential short-term gains rather than long-term investments.

Anticipated Chang Upgrade and Its Implications

Despite the current bearish sentiment, there is a significant event on the horizon that could potentially reverse ADA’s fortunes: the Chang upgrade. This upgrade marks the transition from the Basho era to the Voltaire era within the Cardano ecosystem. Scheduled for Q2 of 2024, the Chang upgrade aims to update all nodes by August, bringing enhancements and new features to the network.

Historically, Cardano’s major upgrades have had a substantial impact on its price. For instance, prior to the Alonzo hard fork, ADA’s price surged from $0.2 to $3.1, representing a more than 30-fold increase in a year. Based on this precedent, some experts predict that the Chang upgrade could lead to a similar upswing in ADA’s price.

Technical Analysis and Price Predictions

From a technical standpoint, Cardano is facing crucial support and resistance levels. The current support level at $0.42 is pivotal; a drop below this could trigger a further decline to $0.39. Conversely, a rebound from this support could signal the start of a recovery, especially if bolstered by positive news or developments related to the Chang upgrade.

The relative strength index (RSI), a momentum oscillator, currently suggests that ADA is approaching oversold territory. This could indicate a potential reversal if buying interest increases at these lower price levels. However, traders should remain cautious, as the overall market sentiment and macroeconomic factors also play a significant role in price movements.

Looking Ahead: Voltaire Era and Beyond

The upcoming Voltaire era represents a significant milestone for Cardano, focusing on governance and sustainability. This phase aims to introduce a decentralized treasury system and voting mechanisms, empowering the community to make decisions about the network’s future development. These changes are expected to enhance Cardano’s appeal and utility, potentially driving long-term value growth.

In the short term, much depends on the successful implementation of the Chang upgrade and the broader market conditions. Investors should keep an eye on key support and resistance levels, as well as any announcements or updates from the Cardano development team.


Cardano is currently navigating through a challenging period marked by severe selling pressure and heightened speculative trading. While the immediate outlook appears bearish, the forthcoming Chang upgrade and transition to the Voltaire era hold promise for a potential recovery. As always, investors and traders should conduct thorough research and consider both technical and fundamental factors when making decisions.

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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.

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