As a seasoned crypto investor with a knack for spotting trends and anticipating market movements, I find myself intrigued by the impending hard fork of Cardano, codenamed Chang. With my eyes glued to the charts and my fingers poised over the buy/sell buttons, I can’t help but feel a mix of excitement and trepidation as we approach this key blockchain event less than 10 hours away.
Toward the closing of the week, the value of the cryptocurrency ADA, the native token of the Cardano blockchain, put on a striking show. Notably, this impressive display occurred just under 10 hours before a significant blockchain event — the hard fork known as Chang.
The performance of ADA can be described as “teetering on a precarious point.” Throughout the week, it experienced a decline of approximately 3-4%, causing the value of the Cardano token to reach a crucial point of $0.3444 by the end of the week.
At this stage, ADA‘s price finds its lower limit within a significant price band. On numerous occasions, this band has functioned both as a support level (holding up the price) and a resistance level (pushing the price back).
Around mid-August, the price of Cardano surged upwards past a resistance block, but by September 1st, it had dropped back down to its lowest point and even fell below that level since then. The impact of the upcoming hard fork on the price of ADA is unclear, but the uncertainty certainly heightens anticipation for the event.
What is Chang hard fork of Cardano?
The fundamental idea behind Chang is that the blockchain should evolve into a completely autonomous, community-managed ecosystem, operated primarily by ADA holders.
After the hard fork, decision-making authority for Cardano, including control over its nearly $700-million treasury, will shift from three organizations to a vote among ADA stakeholders.
Regardless of the outcome, it’s clear that such a significant event will cast a spotlight on the Cardano token. Consequently, we might witness increased trading activity, market volatility, and notable price fluctuations.
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2024-09-01 17:51