ADA is ranked 11th on coinmarketcap. It is already a veteran of altcoins, with former Ethereum co-founder Charles Hoskinson launching the Cardano Layer-1 blockchain in 2017 after leaving Ethereum.
And just on this Sunday, it launched the "Chang" upgrade, marking a shift to decentralized governance for its entire ecosystem.
With the Chang upgrade live, ADA token holders will be able to shape the future of Cardano by electing governance representatives and voting on development proposals.
The transition to a decentralized structure brings Cardano more in line with the original spirit of decentralization in the blockchain industry, but they may also be seen as a way to avoid securities regulators by giving ADA additional utility.
This makes Cardano different from many other chains and can be said to be the first in a truly decentralized Layer 1.
$ADA analyse and prediction
The price of the cryptocurrency ADA did not soar due to this milestone event. The current price is $0.3278, down -3.22% in 24 hours.
However, let's take a look at its candlestick chart to see if it has potential.
In the monthly chart of ADA, I personally seem to see that it is about to form a "W" shape. It actually could be very good news. Because when it finish W shape, ADA's price is about 3USD. Dont you think that would be amazing?
But, there is small but, if the price of ADA will follow this "W" route, then the price of ADA may continue to go down first in order to form a W bottom, which is around 0.2338, and then, it may soar "thousands miles". 🚀
Just to be honest, this route may take many months to complete. I want to give it good wishes. Because it represents its huge potential and all investors and traders can profit from it.
Then let's take a look at the day chart, because this can really show the recent situation,help us trade better.
Now ADA has just popped down a little bit towards the support price of 0.3312. At this time, its direction is not very clear. I don’t know whether it will bid farewell to this price or continue to go down to the nearest support price of 0.3182 below it, and then return.
I need more information, and this information will be told to us by the market.
What is ADA?
Finally, if some friends don’t know ADA yet, I will quote the official website to introduce the ADA token:
Ada is the native token of Cardano
It is named after Ada Lovelace: she was a 19th-century mathematician, recognized as the first computer programmer, and the daughter of the poet Lord Byron.
Ada is a digital currency. Any user located anywhere in the world can use ada to exchange value securely - without the need for a third party to mediate the exchange. Every transaction is permanently, securely and transparently recorded on the Cardano blockchain.
Each ada holder also holds a stake in the Cardano network. Ada stored in the wallet can be delegated to a stake pool to receive rewards - participate in the successful operation of the network - or set up and run your own stake pool to increase the possibility of the pool receiving rewards. Over time, ada will also be available for various applications and services on the Cardano platform.
Okay, that’s all for today, and I’ll talk to you about more potential tokens another day.
Happy trading to all!
#CardanoSurCardanoSurge #CryptoMarketMoves #CryptoNewss #ADABullish #Write2Earn!
