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Cardano’s Voltaire Upgrade Expected To Bolster Price – ADA Still Trading Below $0.50

Last Updated June 10, 2024 11:02 AM
Nikola Lazic
Last Updated June 10, 2024 11:02 AM

Key Takeaways

  • The Chang hard fork is set to boost decentralized governance.
  • Voltaire phase increases transparency and decentralization.
  • Cardano CEO Charles Hoskinson touts Chang as pivotal for the blockchain industry.

The Cardano network is gearing up for the Chang hard fork, with 70% of stake pool operators expected to upgrade their nodes. This hard fork will implement two key upgrades: the first will lay the foundation for decentralized voting and governance actions, while the second will introduce new governance features such as treasury withdrawals.

This marks the beginning of the Voltaire phase, aimed at increasing decentralization and transparency within the Cardano ecosystem.

A Pivot Moment? 

Charles Hoskinson, the founder of Cardano, has made bold statements about the potential impact of the Chang hard fork, describing it as a pivotal development for the entire blockchain industry. He envisions Cardano evolving into a global decentralized civilization with advanced governance systems, an annual budget, and a treasury supported by the collective wisdom of its community.

Despite these ambitious plans, Cardano’s price performance in 2024 has been underwhelming, with the cryptocurrency falling out of the top ten by market capitalization. Critics, including Justin Bons, who labeled ADA as “extremely centralized,” contrast sharply with Hoskinson’s optimistic views, highlighting a significant divide between perceptions of Cardano’s fundamentals and its current market position.

ADA Price Analysis 

Cardano’s price has declined since reaching a high of $0.80 on March 14. It fell to $0.40 on April 13, then rebounded to over $0.44, and by April 23, it had climbed to $0.53, encountering resistance at a descending trendline from the March peak.

ADAUSD | Credit: Nikola Lazic/Tradingview

Subsequently, the price dropped to test the $0.42 support level, recovered slightly, and returned to around $0.42. This activity has formed a horizontal trading range between $0.42 and $0.51.

Cardano is priced at approximately $0.45, close to its horizontal support. With the Relative Strength Index (RSI) on the daily chart positioned at the neutral midpoint, the price could move in either direction. However, the trend might continue downward if selling pressure escalates and prices dip below $0.40.

While there are no definite indicators of an impending breakout, given ADA‘s substantial drop of more than 50% from its peak, its maintenance above the 0.618 Fibonacci level, and the established horizontal zone, suggest a potential upward trend.

If the price exits this range upward, it could initiate a significant rally, possibly driving ADA to a new yearly high of $1.

Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.
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