Cardano ($ADA) has recently weathered a storm, with its price repeatedly hitting new lows. However, a historical pattern suggests a rebound may be on the horizon, especially with the impending Chang Hard Fork scheduled for this month.

Originally slated for Q2 of 2024, this significant upgrade is anticipated to bring numerous benefits to Cardano, fueling speculation of a potential price surge.

Essentially, Cardano enthusiasts are likening the Chang Hard Fork to the Alonzo Hard Fork of 2021, which revolutionized the network by introducing smart contract capabilities. Reports indicate that the Alonzo upgrade substantially boosted ADA’s value, propelling it from $1.35 to an all-time high of $3.10, an impressive 130% jump.

With the Chang Hard Fork on the horizon, many eagerly anticipate a similar market reaction. The question on everyone’s mind: Will Cardano reach $3 once again?

Will ADA Reach a New All-Time High?

ADA continues demonstrating resilience in the volatile crypto market, holding onto its previous gains despite a global market downturn. ADA trades at $0.3933 at press time, reflecting a 2.10% increase over the past 24 hours.

Source: CoinMarketCap

This surge has boosted its market cap to $14.110 billion, securing its position as the 10th largest cryptocurrency. However, ADA is currently encountering resistance as it approaches the $0.3947 level on the daily chart.

Should it break through this barrier, it could climb to its recent high of $0.42, last seen on July 3. Moreover, optimistic market analysts suggest that if ADA can sustain this momentum, it might reach the $0.50 mark, which aligns with the 50% Fibonacci retracement level.

Such a move would signal a strong bullish trend, likely sparking increased buying interest and pushing ADA toward the $1 target. Conversely, if ADA faces a correction, it could experience a short-term pullback to the $0.32 support zone before making another upward attempt. A failure to hold this level might drive the price down further to $0.28.

ADA’s Bullish Momentum Continues

Technically, the RSI indicator has made an impressive vertical leap, a clear sign of robust bullish sentiment. Currently, the RSI rests at 50.64, comfortably away from the overbought threshold, suggesting that ADA’s price might have room to climb even higher, possibly nearing the coveted $0.50 milestone.

Source: TradingView

Supporting this potential ascent, the 20-day moving average now serves as a solid floor beneath ADA’s current valuation, bolstering its upward trajectory. This positioning suggests a continuation of the bullish trend, poised to break past critical resistance barriers.

Yet, the narrative could quickly change direction; a descent below this moving average might shift market outlooks towards bearish, signaling a possible correction.