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Cardano (ADA)the ninth largest cryptocurrency by market cap, has recently captured attention with its price movements. According to Ali, a cryptocurrency analyst, Cardano follows an eerily similar pattern to its previous cycle.
on He pointed out Obviously, in 2020, the first major correction after the bullish rally started occurred at the same time as the correction we are seeing today, anticipating a price target of $6 if this historical pattern repeats.
At the time of writing, ADA is down 4% over the past 24 hours to $0.8825 amid Sunday's sell-off, which saw $246 million worth of cryptocurrencies liquidated. ADA is still down 19% weekly.
After a four-day decline, Cardano rebounded from the low of $0.762 on Friday. The recovery stopped at $0.997 on Saturday, and the decline continued into the Sunday session, hitting lows at $0.869 near the daily 50 simple moving average.
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The bulls are trying to hold this crucial level as failure to do so could send ADA to $0.76. If this support also breaks, ADA could fall to $0.69 or $0.50. On the other hand, the rebound may aim to break the $1 barrier.
Update on the Cardano Plomin hard fork
According to the latest update from intersecta member-based organization for the Cardano ecosystem, the governance procedure for the hard fork of the Cardano mainnet has been submitted on-chain for ICC and SPO attestation.
The Plomin Upgrade will be unlocked CardanoThe ultimate on-chain management features. This action marks the end of the beginning for on-chain governance. If enabled, this action will enable full management as described in CIP-1694 of the main network, and exit the technical boot phase. After this upgrade, the delegate-approved constitution will be submitted on-chain for consideration by the community.
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Intersect specifies estimated dates for the mainnet epoch boundaries when a Plomin hard fork could occur if the governance action is approved by the SPO and ICC. The dates are: January 4, 9, 14, 19, 24 and 29.
The shortest conceivable period between the introduction and implementation of a governance measure is just over two epochs, but this is very rare. Filing the measure in Era 529 ensures the earliest possible date for enactment of the law is January 4, 2025.
Following preliminary governance rules, the 529 Era Plan provides the greatest opportunity for SPOs and the ICC to vote to ratify the hard fork in January 2025. Along these lines, ratification and enactment could occur after any time limits between January 4 and 29, 2025.
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