Cardano （ADA） has seen a brief rebound in price amid ongoing bearish pressure. The announcement of the Chang Hard Fork and its potential impact on Cardano’s governance system have contributed to this price movement.
Points
- Cardano price increased by 2.95% to $0.3835 in the last 24 hours.
- The Chang Hard Fork, set for July 16th, aims to revolutionize Cardano’s governance.
- Analysts believe the successful implementation of the Chang Hard Fork could boost investor confidence.
- Cardano’s trading volume remains low, reflecting overall bearish market sentiment.
Cardano’s Brief Price Rebound
Cardano （ADA） has experienced a brief rebound, increasing by 2.95% to trade at $0.3835 in the last 24 hours. Despite this increase, the price has faced intense selling pressure, down 13.32% in the last 30 days.
Chang Hard Fork Announcement
Charles Hoskinson, founder of Cardano, announced that the Chang Hard Fork will be released on July 16th. This update is crucial for Cardano’s governance system, introducing on-chain voting and democratic rights. The Chang Hard Fork will be implemented in two phases, with the first phase adding governance features and the second phase completing the on-chain governance functionalities.
Potential Impact on Price
Although the immediate impact of the governance update on ADA’s price may be limited, analysts believe the successful implementation of the Chang Hard Fork could instill new investor confidence. This confidence might lead to a potential price increase in the future. If the price manages to go past the $0.40 resistance level,
then it will likely climb to the next resistance level at $0.42. Conversely, if the price falls below the $0.37 support level, it may test the $0.32 support level.
Explanation
- Governance Upgrade: The Chang Hard Fork is a significant update for Cardano’s governance system, introducing on-chain voting and democratic rights.
- Price Impact: While the immediate price impact may be limited, successful implementation of the update could boost investor confidence and lead to potential future price increases.
- Support and Resistance Levels: Key price levels to watch include resistance at $0.40 and $0.42, and support at $0.37 and $0.32.