ADA’s Chang hard fork aims for decentralized governance, enhancing community engagement and decision-making.
Historical trends suggest ADA could rally significantly with the Chang upgrade, akin to past hard forks.
Current technical indicators hint at a cautious market sentiment for ADA ahead of the Chang hard fork.
Cardano enthusiasts are eagerly anticipating the upcoming Chang hard fork, expected to be completed by the end of July. This upgrade marks a significant step forward in Cardano’s journey toward decentralized governance, aiming to empower its community with unprecedented control over the blockchain ecosystem.
Named after early governance pioneer Phil Chang, this hard fork unlocks the second major transition, shifting from an administrative model dominated by Input Output Global (IOG) to a more decentralized one where ADA token holders are directly involved in decision-making.
The Chang upgrade promises to usher in Cardano’s Voltaire era, where community-driven governance becomes the cornerstone of its operational framework. This shift is expected to increase engagement among ADA holders, allowing them to delegate tokens and contribute directly to the network’s development and decision-making processes.
Charles Hoskinson, the founder of Cardano, has hailed the Chang hard fork as the most significant milestone in the blockchain’s history. He envisions a future where Cardano evolves into a globally decentralized civilization, engaging millions worldwide under community-led governance.
Historically, Cardano’s hard forks have sparked notable price rallies. In 2021, the Alonzo hard fork, which introduced smart contracts to the platform, propelled ADA from $1.35 to a peak of $3.10 over the course of a month leading up to the fork. This surge reflected the market’s anticipation and optimism surrounding significant technological upgrades within the ecosystem.
Cardano is preparing for the Chang Hard Fork, set to occur by the end of July.It's worth noting that before its previous hard fork in 2021, $ADA surged 130%, from $1.35 to $3.10 in just a month. pic.twitter.com/E8zTEgZM6k
— IntoTheBlock (@intotheblock) July 6, 2024
As Cardano gears up for the Chang hard fork, market sentiment is once again optimistic. The historical precedent set by previous upgrades suggests that ADA could experience substantial price movements leading up to and following the Chang implementation.
Cardano/USD 1-day price chart, Source: Trading view
Currently trading at approximately $0.37, Cardano’s price dynamics are being closely monitored by investors and analysts. The 1-day RSI (Relative Strength Index) at 44.83 suggests a balanced market, neither bullish nor bearish. However, the 1-day MACD, which operates below the signal line, points to a potential short-term bearish outlook.
Traders are closely watching whether ADA can repeat or even surpass its 2021 performance with the Chang hard fork. Based on historical trends, some project that ADA could experience an upward trajectory and may even surpass the $1 mark in the near future.
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