Cardano recently encountered a significant setback as its highly anticipated upgrade, the "Chang" hard fork, has been postponed. This upgrade was expected to mark a new chapter for the network. Leading up to this event, ADA showed an upward trend on the charts, fueled by investor and community anticipation.
However, with the delay in the hard fork, all eyes are now on how ADA will respond to this unexpected development.
New Date Announced for Cardano Upgrade
Initially, Bitcompare reported that the Cardano Chang hard fork was scheduled for the coming week, tentatively set for 27 August. Plans have since shifted, and the hard fork will no longer take place in August. The new target date is now set for September.
Charles Hoskinson, CEO of Cardano, announced this delay in a post on X on 23 August. Hoskinson attributed the postponement to the unreadiness of major exchanges, such as Binance, to support the hard fork.
"The next available window for the hard fork is now 01 September."
The Chang hard fork is a pivotal upgrade for Cardano, transitioning the network into the Voltaire era, which emphasizes decentralized governance. This hard fork will introduce on-chain governance mechanisms, giving ADA holders a more direct role in shaping the network’s future. It is a significant step in strengthening Cardano's decentralized structure and enhancing community participation in decision-making.
ADA’s Performance Amid the Hard Fork’s Delay
The anticipation surrounding the Cardano Chang hard fork led to a 13% increase in ADA’s price over the past few weeks. This positive trend could continue if the market views the successful implementation as a significant advancement for the network.
Interestingly, despite the announcement of the hard fork’s delay, ADA’s price remained resilient. According to Bitcompare’s analysis of its daily chart, ADA's price actually increased at the close of trading on 23 August. The token gained 3.98%, trading at approximately $0.39.
Additionally, ADA’s Relative Strength Index (RSI) was around 60, signaling a bullish trend. However, as with any major network upgrade, there is potential for short-term volatility as the market adjusts to the new governance structures and any unforeseen technical challenges that may arise during the implementation phase.
Cardano’s Battle for a Top-10 Spot
Recently, Cardano (ADA) has been in a tight race with Tron (TRX) for the number ten position in the cryptocurrency market capitalization rankings. Both assets have a market capitalization of around $14 billion, with the difference between them in the millions, making for a closely contested battle for a higher ranking.
The upcoming Cardano Chang Hard Fork and the surrounding excitement could give ADA the boost it needs to reclaim the tenth spot. The anticipation around this significant network upgrade may drive increased investor interest and market activity, potentially raising ADA's market capitalization and helping it regain its position in the top ten.
