If the price breaches $0.37 key support level then it will likely test $0.34 support level.
At the time of writing, ADA is trading at $0.3853, down 0.15% in the last 24 hours.
Earlier, Cardano co-founder Charles Hoskinson dropped a clue about the much-anticipated Chang Hard Fork update two weeks ago, saying that it would likely launch in June.
The co-founder went on to say that the Chang Hard Fork is imminent, and that Cardano Node would shortly reach version 9.0. It is anticipated that the update will be released in June, according to this comment. With just one week left in the month, the Cardano community is eagerly anticipating what’s to come.
To better incorporate community feedback, Cardano is now undergoing a transition towards decentralized governance in preparation for the Chang Hard Fork upgrade.
Hoskinson also outlined the intentions for the deployment of Decentralized Representatives (dReps) as part of the blockchain governance system. Even without a full constitution, these dReps will drastically change who controls the treasury.
Bears in Control
Cardano (ADA) has seen a 34% rise in trading volume for open-ended futures on CoinGlass in the last day. There was more than $272 million in ADA derivative trading, ranking the instrument in the top 15 according to the statistics.
The crypto market in general is facing a strong bearish momentum. In a similar vein, ADA price has been facing severe selling pressure. At the time of writing, ADA is trading at $0.3853, down 0.15% in the last 24 hours as per data from CMC. Moreover, the trading volume is down 28.08%. In the last 7 days, ADA is down 7.36%.
If the price continues to plummet and breaches $0.37 key support level then it will likely test $0.34 support level. However, if the bulls manage to drive the price higher and go above $0.40 level, then it will likely rally further to test $0.42 resistance level. No doubt, the upcoming upgrade will likely decide the short-term trajectory of ADA.