Cardano (ADA), currently ranked 10th by market cap, is poised to close its fourth consecutive day of gains after bouncing back from recent lows of $0.33.
ADA has risen by 4.02% in the past 24 hours to $0.40, surpassing other top 10 cryptocurrencies. It peaked at intraday highs of $0.402.
The surge is accompanied by a notable increase in 24-hour large transactions, totaling 26.35 billion ADA, valued at $10.04 billion, according to IntoTheBlock.
The rally coincides with broader market recovery fueled by reduced monthly inflation in June, potentially paving the way for the Federal Reserve to consider interest rate cuts later this year.
Investor optimism is also buoyed by expectations surrounding the upcoming Chang upgrade for Cardano, historically boosting prices ahead of major updates.
The Chang upgrade will roll out governance functionalities in two phases: Chang Upgrade 1 initiates governance features and technical preparations, while Chang Upgrade 2 enables full on-chain governance capabilities.
Node 9.0's release earlier this week marks a crucial step towards implementing the Chang hard fork. Preparation of parameters and the final genesis file is underway, with subsequent upgrades expected among Stake Pool Operators (SPOs).
Activation of Chang hinges on achieving critical mass indicators, including 70% SPO participation and 80% exchange liquidity.
ADA's recent surge underscores its resilience amidst market fluctuations, bolstered by positive sentiment ahead of the Chang upgrade and improving market conditions.
However, ongoing volatility and dependency on market conditions pose risks despite current optimism.
Cardano has begun the first stage of its transition to decentralised governance with the Chang hard fork, which will be completed in 90 days, shifting power to community-led bodies.
SanyaCardano creator Charles Hoskinson is offering $1 million to anyone who can crack the new Lace Paper Wallet, a challenge open until the end of 2024. Is this a masterstroke of innovation or a high-stakes gamble?
KikyoThe speculation around a Cardano ETF could potentially drive ADA towards its previous high of $3.10. With current trading prices around $0.391 and a significant support range, there may be opportunities for a price rebound.
Xu LinHoskinson predicts Cardano could surpass Bitcoin due to its mission and adaptability, emphasising governance and technological evolution.
Cheng YuanCardano is poised for a significant upgrade, with large holders reducing their positions amid mixed sentiment. Technical indicators and upcoming changes suggest a potential price increase for ADA, possibly reaching $0.43 to $0.47.
SanyaCardano (ADA) founder Charles Hoskinson has taken a clear stance on the interplay between politics and cryptocurrencies, urging support for pro-crypto political candidates. This came in response to a post by Ethereum (ETH) co-founder Vitalik Buterin, who cautioned against prioritizing political leaders based solely on their cryptocurrency policies.
WenJun
DanteCardano's nearing its crucial Voltaire phase, emphasising self-governance and decentralisation through the Chang hard fork. Despite ADA's lackluster price performance in 2024, ongoing development efforts and a focus on real-world solutions suggest a promising future for the project.
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