- Cardano is showing signs of a bullish reversal on the hourly charts
- This reversal points to growing excitement around Chang Hard Fork
- $0.46 is a crucial short-term target if bulls sustain momentum
Cardano is experiencing a relatively quiet trading day, with minimal price action observed. As of 10:40 UTC, Cardano (ADA) was trading at $0.4417, showing a slight decline of 0.40% over the past 24 hours. However, beneath the surface, calm lies the potential for significant price movement in the coming week, driven by the highly anticipated Chang Hard fork.
Chang Hard Fork To Transform Cardano
The Chang hard fork is a pivotal moment for the Cardano blockchain, introducing groundbreaking advancements in governance. Central to this upgrade is implementing minimum-viable community-run governance, revolutionizing decisions within the Cardano ecosystem. By enabling on-chain community consensus governed by a constitution, all Cardano stakeholders, represented by ADA holders, will have a voice in shaping the network’s trajectory.
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CIP-0069 To Be Incorporated In Hard Fork
The excitement surrounding the Chang Hard fork is further amplified by incorporating CIP-0069, a crucial addition that opens up three critical use cases for Cardano. These include enhancing validator checks, facilitating unique identifiers for loans through NFTs, and enabling the creation of LP tokens with unique IDs for decentralized exchanges.
Related: Charles Hoskinson Suggests Merger With Bitcoin Cash
Listening To Community Needs
The decision to integrate CIP-0069 into the Chang Hard fork underscores Cardano’s commitment to listening to its vibrant community. Charles Hoskinson, the visionary founder of Cardano, acknowledged the community’s demand for CIP-0069 through a recent tweet. Despite potential challenges posed by out-of-band roadmap changes, Hoskinson expressed confidence in the development teams’ ability to incorporate CIP-0069 into the Chang upgrade seamlessly.
I saw the requests coming in for CIP-69. I spoke with the IOI delivery team, and they spoke with the folks at Intersect. There seems to be a lot of community demand for it, and the CF also has been pushing for CIP-69 to be included in Chang.
I don’t think it will add a…
— Charles Hoskinson (@IOHK_Charles) May 9, 2024
CIP-0069 Not To Affect Hard Fork Roadmap
Hoskinson’s reassurance regarding the minimal impact on the Chang delivery timeline is met with optimism within the Cardano community. However, he also emphasized the need for post-Chang adjustments to the roadmap.
Big Milestone For Cardano
Incorporating CIP-0069 into the Chang Hard fork represents a significant milestone for Cardano, sparking anticipation among investors and enthusiasts alike. The potential implications of this upgrade have already begun to resonate within the market, with ADA attracting attention as investors position themselves ahead of the anticipated surge.
The upcoming Chang Hard Fork and the integration of CIP-0069 mark a new era of possibilities for Cardano. With the spotlight shining brightly on ADA, it could be one of the top cryptocurrencies to watch in the short term.
Cardano Showing Signs of a Bullish Reversal As Buying Volumes Rise
Cardano has been bearish for the better part of the weekend. However, bulls have taken control with high volumes in the past hour. This has seen Cardano erase most of the losses from earlier in the day, an indicator that a bullish reversal could be underway. However, to confirm such a reversal, Cardano must push critical resistance at $0.4421. If bulls can push Cardano through this resistance, Cardano could easily hit a high of $0.463 today or early in the week.
Two scenarios could play out today if the bulls fail to push Cardano through the $0.4421 resistance. The first is a possible consolidation between $0.4421 resistance and $0.4381 support. However, if bears regain control and continue the downtrend experienced earlier in the week, the critical level to watch would be the $0.4381 support. Breaking through this support could see Cardano drop to $0.40 or lower.
Which Way Cardano?
While multiple scenarios could play out today, Cardano’s price action indicates a possible bullish reversal. This has already been playing out in Cardano’s price action in the last few hours. With the broader market also showing bullish signals, Cardano could see a completion of the reversal pattern within the day.
Besides support from the broader market’s rising momentum, Cardano will likely get support from news related to the Chang Hard fork. Like all past crypto hard forks, this one will likely keep Cardano trending until it happens.
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