As an analyst with over a decade of experience in the volatile world of cryptocurrencies, I must say that Cardano (ADA) has been intriguing lately. The pattern it’s following seems to be eerily similar to its previous cycle, reminding me of Groundhog Day – except instead of a groundhog, we have ADA!
The ninth-largest digital currency, Cardano (ADA), has been drawing attention lately due to its price fluctuations. As noted by analyst Ali, the current trend of Cardano seems remarkably alike to its previous market behavior.
Ali noted that, similar to what occurred in 2020, the initial significant correction following the bull market started at around the same point as the current one. If this historical pattern persists, he projected a potential price target of $6.
Cardano’s $ADA price movement appears strikingly comparable to its past trend. In 2020, the initial significant downturn following the bull run commenced around the same time as our current correction is happening. Next up might be a potential jump towards the $6 mark.
— Ali (@ali_charts) December 22, 2024
Currently, ADA is experiencing a 4% drop over the past 24 hours, reaching $0.8825, due to the recent market sell-off on Sunday that resulted in approximately $246 million worth of crypto liquidations. Over the last week, ADA has seen a 19% decrease in value.
After four consecutive days of falling, Cardano bounced back from a low of $0.762 on Friday. However, this rebound slowed down at $0.997 on Saturday, and the downtrend persisted into Sunday’s trading, reaching near daily SMA 50 levels of $0.869.
In simpler terms, the bulls are trying to maintain this important price point. If they can’t, there’s a potential for ADA’s price to drop to around $0.76. If this support weakens further, it could lead to a fall in price to either $0.69 or even $0.50. However, if ADA rebounds, it might try to break through the $1 mark.
Update on Cardano Plomin hard fork
Based on the latest information shared by Intersect, an organization that serves as a hub for the Cardano network’s members, the proposal for the Cardano mainnet’s hard fork has been put forward for approval via the blockchain, awaiting validation from ICC (Input Output Hong Kong) and SPO (Stake Pool Operators).
With the Plomin update, Cardano’s remaining on-chain governance capabilities will be activated. This move signifies the culmination of the initial stage for on-chain governance. If implemented, it will allow for complete governance as outlined in CIP-1694 to be deployed to mainnet, concluding the technical bootstrapping phase. Post this upgrade, the delegate-approved Constitution will be made available on-chain for community review.
Determine the projected timeline for the primary network phase transitions where the Plomin hard fork might take place, provided the governance action is endorsed by SPO and ICC. The dates suggested are: January 4th, 9th, 14th, 19th, 24th, and 29th.
As a crypto investor, I’ve learned that the quickest feasible timeframe for a governance action to be executed is approximately two epochs, but this is quite unusual. If I propose an action in epoch 529, it will have the earliest possible enactment date of January 4, 2025.
According to bootstrap governance guidelines, the Epoch 529 offers a chance for SPOs (Stakers and Validators) and ICC (Council members) to propose and approve the hard fork in January 2025. In other words, they can vote for ratification and implementation anytime within the boundaries of an epoch between January 4th and January 29th, 2025.
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2024-12-22 18:58