Upcoming Cardano Update Helps ADA Price Avoid Bearish Scare Read CoinChapter.com on Google News
NOIDA (CoinChapter.com)—Cardano, recently accused of being a dead project, hopes to fight back with an upcoming update. The recent assertions stirred debates within the crypto community.
Founder Charles Hoskinson responded to these claims, highlighting Cardano’s ongoing development and the imminent release of Node 9.0.0. The update aims to reinforce Cardano’s position in the blockchain ecosystem by introducing key technological advancements.
Node 9.0.0 Sets Up Chang Hard Fork
The Node 9.0.0 update aims to support the forthcoming Conway ledger era. The release incorporates on-chain governance via CIP-1694 for decentralized decision-making. Additionally, it includes support for Plutus v1 reference scripts and signature support through CIP-69, enhancing the network’s smart contract capabilities and security measures.
Charles Hoskinson shared news of the Node 9.0.0 update.
The update is foundational for the Chang hard fork, an event that would shift governance from Cardano Foundation, EMURGO, and Input-Output Global to the broader community. The transition aims to create a self-sustaining blockchain ecosystem with features such as on-chain voting and participant rights.
Moreover, the Chang hard fork will introduce Delegate Representatives (DReps), elected by Cardano token holders, who will draft a Cardano Constitution to serve as the network’s supreme governing law.
However, the transition to the Chang era is contingent on Stake Pool Operators (SPOs) independently testing and upgrading to Node 9.0.0. Furthermore, data from Cardanoscan shows that exchanges and stake pools have not yet fully prepared for the hard fork
Achieving the necessary 70% upgrade threshold among SPOs is critical for setting a hard fork date and enabling the network to transition smoothly.
Node 9.0.0 also addresses known issues within the Cardano CLI, particularly in the Conway era, where transaction commands may encounter execution failures. Future updates could resolve these issues.
Bulls Struggle To Avoid ADA Price Bearish Pattern Confirmation
Meanwhile, bulls are busy helping ADA price avoid confirming a bearish technical setup called the ‘descending triangle.’
The token recently tested the pattern’s support trendline, needling below it before recovering.
ADA price forms bearish pattern with 50% downside target.
Market analysts often consider the descending triangle a bearish continuation signal.
The configuration features a downward-sloping upper trendline, which gradually reduces the price action’s highs, and a flat lower trendline, which is a consistent support level the price finds difficult to break.
Moreover, the pattern suggests that selling pressure is intensifying, leading to successively weaker rallies. In this setup, the potential price target is typically gauged by the maximum height of the triangle at its widest point.
Hence, ADA price is yet to confirm the breakout from the descending triangle pattern. However, confirming the bearish setup might result in the DOT price dropping over 50% to reach the projected price target near $0.186.
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