Cardano (ADA) Struggles Despite Chang Hard Fork Announcement
The post Cardano (ADA) Struggles Despite Chang Hard Fork Announcement appeared on BitcoinEthereumNews.com.
Cardano (ADA) is struggling to build up bullish momentum despite network developments including the Voltaire upgrade launching on the network and the confirmation of the Chang hard fork before the end of June. The upcoming upgrade will revolutionize the network, moving from a Proof-of-Stake network into a fully decentralized governance model. Cardano (ADA) has failed to break above resistance in the past two months despite significant developments that could reshape the network. ADA has failed to rally above $0.50 since dropping from this position in mid-April. Partly, this is due to the current market conditions which have turned bearish with market leader Bitcoin (BTC) failing to build consistent bullish momentum. At the time of writing, ADA is trading for $0.4297 after a 1% surge in the last 24 hours. This has seen the altcoin make up part of its weekly losses, leaving ADA investors down by 6.4%. This performance reflects that of the wider market which is largely influenced by Bitcoin (BTC). The recent poor performance has caused the altcoin to lose its prestigious top-ten ranking. With a market cap of $15.1 billion, the coin is ranked 11th after losing its 10th position to Toncoin (TON) which currently holds a $18.3 billion market cap. Cardano investors have been optimistic about developments around the network, triggering a bullish breakout that sees the digital asset retest key resistance levels. As CNF reported, this began with the launch of the Voltaire upgrade this week. Cardano is expected to initiate the Chang fork later this month, setting the stage for the “Age of Voltaire,” introducing new features such as treasury management, governance, and decentralized voting. Voltaire will transition Cardano’s governance from IOHK to the ADA community, leading to the network being fully decentralized and ushering in a new era for the entire blockchain ecosystem.…
Filed under: News - @ June 14, 2024 9:26 am