Cryptocurrency trading is speculative and your capital is at risk when you trade. We may earn affiliate commissions from some of the products on this page - at no extra cost to you.
Cardano's Chang Hardfork Likely To Push Cardano $1 Soon

Hardfork Set To Significantly Boost Cardano’s Appeal To InvestorsΒ 

Cardano (ADA) is gearing up for a significant breakout as the much-anticipated Chang Hardfork approaches. Over the past 24 hours, Cardano has seen a 2.13% increase, trading at $0.449, a reflection of the growing excitement within the community.Β 

This upcoming upgrade marks a pivotal moment for Cardano, setting the stage for transformative governance milestones that could propel the cryptocurrency to new heights.

The Chang Hardfork: A Catalyst for Governance

The Chang Hardfork is integral to Cardano’s ambitious governance framework for 2024, unfolding in three key stages. The first stage involves the introduction of delegate representatives (DReps). These elected representatives will play a crucial role in advocating for the interests of the Cardano community. By allowing users to delegate their ADA holdings to DReps, this system aims to foster greater engagement and active participation within the ecosystem.

Following the introduction of DReps, the Cardano Constitution Convention will take place in Buenos Aires. This gathering will bring together governance representatives from workshops worldwide to collaboratively draft the inaugural version of the Cardano Constitution. This document will lay the foundation for Cardano’s community-led governance principles, ensuring that the blockchain remains a decentralized and democratic platform.

The final stage of this governance overhaul will be a community-wide vote to ratify the Cardano Constitution. This constitution will become the cornerstone of Cardano’s decentralized governance mechanisms if approved, guiding the blockchain’s future trajectory.

Technological Upgrades and Their Impact

Alongside these governance advancements, the Chang Hardfork will introduce two significant upgrades: Chang Upgrade Number One and Chang Upgrade Number Two, as outlined in CIP-1694.

These upgrades will enable the implementation of advanced governance features, including decentralized voting mechanisms and treasury withdrawals. Such enhancements are expected to significantly bolster Cardano’s functionality and appeal as a leading blockchain platform.

Cardano founder Charles Hoskinson commented on the importance of these upgrades, stating, “It looks like June will be the month that Cardano Node will reach 9.0.

Cardano is Chang fork ready and waiting for 70 percent of the SPOs to install the new node. Then, a hard fork can occur, pushing Cardano into the Age of Voltaire.”

Entering the Age of Voltaire

The transition to the Age of Voltaire is a landmark achievement for Cardano. According to Hoskinson, “It’s the most significant milestone in the history of Cardano and for the industry as a whole. Cardano will be a decentralized civilization spanning the world with millions of residents. We’ll have the most advanced blockchain governance system, annual budgets, a treasury, and the wisdom of our entire community to guide us.”

This sentiment reflects the long journey of Cardano’s development, which has spanned nearly a decade. Hoskinson expressed his pride in the community’s accomplishments: “It’s been nearly ten years for some of us on this remarkable journey. I can’t believe we built a nation in a single decade. I’m proud of all of you. Cardano gives me hope for our industry and the world. Let’s spend the next decade making a big dent in the universe.”

Market Prospects and Potential Rally

As the Chang Hardfork approaches, market analysts are optimistic about Cardano’s prospects. With Bitcoin showing signs of a potential rally through $70,000, Cardano, with its impending upgrades, is positioned for substantial gains. The combination of governance enhancements and technological advancements will attract new investors and further solidify Cardano’s position in the cryptocurrency market.

Don’t Miss: Cardano Price Prediction 2024 – 2040

Cardano Still Range Bound But Bulls Gaining MomentumCardano Still Range Bound But Bulls Gaining Momentum

Source: TradingView

Cardano has been trading in a consolidation between the $0.517 resistance and $0.427 support since April. However, bulls are gaining upside momentum, which means a breakout could be coming soon. If Bulls push Cardano through the $0.517 resistance, $1 could be within reach in the short term. On the other hand, if bears take control and push Cardano through the $0.427 support, then ADA could drop to around $0.40 in the short term.Β 

Why Chang Could Trigger Breakout

The upcoming Chang upgrade could trigger Cardano to a high of $1 in the short term. The rising momentum in the price of Bitcoin could also push Bitcoin higher in the short term.

Read More

Buy Cryptos on eToro banner