On the 29th of June, Cardano witnessed a major event. The cardano price went up, which may be attributed to the news of the upcoming Chang Hard Fock. Chang Hard Fock is an upcoming upgrade on the Cardano blockchain. The upgrade is expected to be completed soon. This has led to optimistic predictions from crypto analysts. They believe that ADA might reach $0.7 soon.
Cardano price breakdown Aimed
ADA is currently facing strong bearish pressure. Cardano price price is nearing a critical support level at $0.3389, amid a broader downturn in the cryptocurrency market. Technical indicators on both 24-hour and daily timeframes show ADA’s price struggling below the 100-day Simple Moving Average. This suggests potential further declines.
Investors are watching closely to see if ADA can stay above $0.3389. This level is crucial for its short-term path. Despite the bearish sentiment, there is optimism because of the upcoming Chang Hard Fork upgrade. Analysts predict a potential breakout towards $0.7. This optimism is supported by technical patterns like the falling wedge formation on ADA’s daily chart, which often precedes significant price movements.
The Chang Hard Fork is expected to greatly improve ADA’s infrastructure, enhancing decentralisation and governance. This upgrade is seen as crucial for ADA’s long-term success. It has contributed to a more favourable market environment, possibly supporting ADA’s rise towards the $0.7 mark soon.
The Chang Upgrade
The Chang Hard Fork is a significant milestone for Cardano. It aims to create a more decentralised governance framework. On June 27, the Cardano Foundation announced its new role in governance. They will participate in the Interim Constitutional Committee (ICC) and the ICC election. This initiative is designed to ensure strong and transparent governance for the Cardano ecosystem. This is crucial for its long-term success. The proposed governance model includes various actions. These include parameter changes, hard fork initiations, and informational actions.
The model aims to balance inclusivity and diversity. It offers effective checks and balances through Delegated Representatives (DReps), Stake Pool Operators (SPOs), and others. As part of this governance overhaul, the Cardano Foundation will be a member of the ICC. They will help manage protocol changes and work with SPOs on hard forks.
Present Picture
As of now, Cardano price has increased by 4.00%, reaching $0.4008. This rise in price is accompanied by a significant increase in trading activity. The one-day trading volume for Cardano has gone up by 26.62%. It now stands at $224,150,178. This increase in price and trading volume indicates growing interest and activity in Cardano. Investors are buying and selling more Cardano tokens, reflecting positive sentiment in the market.
The higher trading volume suggests that more people are participating in the market, which can lead to greater price stability and liquidity. Thus, the recent rise in Cardano’s price and trading volume is a positive sign for the cryptocurrency. It shows that there is increased confidence among investors and traders, which could support further price increases in the future.
Also read:
