tl;dr

Cardano's (ADA) price has experienced a significant decline following the Chang hard fork, with the MVRV ratio indicating potential price bottoming. Despite the current price of $0.31, technical patterns and RSI suggest a possible trend reversal, with a potential breakout to $0.35 if buyers accumula...

Cardano's founder, Charles Hoskinson, has unveiled details of the project's next steps following the Chang hard fork. The project plans a new upgrade within the next 90 days, aiming to recover from a recent "sell the news" event and decline in price.

On-chain data suggests Cardano's price may be reaching its bottom, with potential for a notable bounce. The current price and technical indicators indicate a potential trend reversal, with a bullish falling wedge pattern and oversold conditions.

Cardano's price has significantly declined post the Chang hard fork, with the MVRV ratio hinting at potential price bottoming. However, technical patterns and RSI suggest a possible trend reversal, with a potential breakout to $0.35 if buyers accumulate at this level. Continued influence from Bitcoin may lead to a further decline to $0.30.

Charles Hoskinson has disclosed plans for the project's next steps, including a follow-up development named "Chang 1" within the next 90 days. The recent decline in ADA's price follows the much-anticipated Chang hard fork, prompting Hoskinson to release new details about the project’s next steps.

The Chang hard fork, which occurred on September 1, resulted in a "sell the news" event, leading to a decline in price as several crypto whales offloaded large amounts of ADA during and after the upgrade. However, Hoskinson indicated that a follow-up development to the hard fork, tagged “Chang 1,” will take place within the next 90 days.

On-chain data from Santiment shows that ADA’s Market Value to Realized Value (MVRV) ratio has dropped further into negative territory, indicating low profitability and potential price bottoming. The 30-day MVRV ratio is at -22.86%, while the seven-day ratio stands at -9.80%, suggesting a possible bounce. An extremely low MVRV ratio suggests that the price is near its bottom, with historical data indicating a potential reversal point.

Currently, ADA is trading at $0.31, with a bullish falling wedge pattern on the daily chart indicating a potential trend reversal. The Relative Strength Index (RSI) also supports this outlook, with current oversold conditions suggesting a possible rebound. If buyers accumulate at this level, ADA could break out and reach $0.35. However, continued influence from Bitcoin may lead to a further drop to $0.30.

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Industry: MANUFACTURING, STEEL WORKS, BLAST FURNACES & ROLLING MILLS (COKE OVENS)

Contact: 800-864-7000

Current Price: $15.55

Change: $0.2 ( 2.29%)

52-week Range: $7.57 - $25.31

Dividend Yield: 0.034

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EPS: -$0.617

Forward P/E: -0.178

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Dividend Yield: None

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EPS: 10.78

EBITDA Margin: -0.0084

Market Cap: $801,545,000

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Dividend Yield: 0

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 6 Dec 24
 6 Dec 24
 6 Dec 24