Cardano metrics hint at ADA price surge after hard fork completion

Following the successful completion of the Chang hard fork, the focus is now on Cardano’s (CRYPTO:ADA) native token, ADA, which might be on the brink of a significant price surge. 

Recent metrics within the Cardano ecosystem hint at potential upward movement in ADA's value. 

Derivatives traders are showing growing optimism, reflecting in the Long/Short ratio data that suggests a bullish trend for ADA. 

Based on data from Coinglass, the 4-hour Long/Short ratio for Cardano in the past week stood at around 2.91. 

This metric, which compares the volume of long (buy) positions to short (sell) positions in futures contracts, provides valuable insights into market sentiment and expectations. 

Typically, a Long/Short ratio below 1 indicates bearish sentiment, while a ratio above 1 suggests a bullish outlook. 

In the case of Cardano, a ratio of 2.91 shows that 75% of traders are betting on a price increase, while only 25% expect a decline. 

At the time of writing, the Long/Short ratio for Cardano over the past 24 hours is 0.89. 

However, the ratio on some major exchanges like Binance and OKX remains above 2.0, indicating continued optimism among traders. 

Since the beginning of the year, ADA has traded sideways, experiencing price stagnation even as other altcoins posted gains. 

With the Chang hard fork complete, there is potential for renewed momentum that could push ADA's price upward. 

Analysts are positive about the impact of the Chang upgrade on Cardano, anticipating improvements in its governance system that could lead to positive sentiment and price surges. 

A crypto analyst known as ‘Sssebi’ recently predicted a major price surge for Cardano, suggesting that ADA's bull market has yet to begin. 

He forecasts that once ADA breaks out of its bearish trend, its price could rise from $1 to $5 within months, potentially experiencing daily price swings of 30% to 40% for several consecutive days. 

This forecast points to a strong rally ahead if bullish conditions materialize for Cardano. 

At the time of reporting, the Cardano (ADA) price was $0.3363.