#ReboundRally
$ADA Cardano (ADA), the ninth largest cryptocurrency by market cap, has been capturing attention recently with its price movements. According to Ali, a crypto analyst, Cardano is following a pattern that is eerily similar to its prior cycle.
Ali pointed out that back in 2020, the first major correction after the bull rally began happened at the very same time as the correction we are experiencing today, predicting a price target of $6 if this historical pattern repeats.
At the time of writing, ADA was down 4% in the last 24 hours to $0.8825 amid Sunday's sell-off, which has seen $246 million in crypto liquidations. ADA remains down 19% weekly.
Following a four-day decline, Cardano rebounded from a low of $0.762 on Friday. The rebound stagnated at $0.997 on Saturday, and the declines continued into Sunday's session, reaching lows of $0.869 near the daily SMA 50.
Bulls are attempting to hold this crucial level because failure to do so might send ADA to $0.76. If this support also cracks, ADA may fall to $0.69 or $0.50. On the other hand, a rebound might aim for a breach of the $1 barrier.
According to a recent update from Intersect, a member-based organization for the Cardano ecosystem, the governance action for the Cardano mainnet hard fork has been submitted on-chain for ICC and SPO ratification. The Plomin upgrade will unlock Cardano’s final on-chain governance features. This action marks the end of the beginning for on-chain governance. If enacted, this action will enable full governance as described in CIP-1694 to mainnet, exiting the technical bootstrapping phase. Following this upgrade, the delegate-approved Constitution will be submitted on-chain for community consideration.