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Cardano, one of the leading Proof-of-Stake (PoS) blockchain networks, announced that it has entered a critical phase that could pave the way for significant movement in the price of its native token, ADA. On September 1st, with the transition to the Cardano Voltaire era, various developments have indicated a potential breakout for ADA.
Currently, ADA is trading at $0.3245, showing a modest 1% increase in the last 24 hours, with a market capitalization of $11.6 billion. Over the past year, ADA has gained 26% in value, but a major breakthrough has yet to occur. However, recent trends in the Cardano ecosystem suggest that the token could chart its own path independent of overall market conditions.
RSI and Market Trends
The Relative Strength Index (RSI) for ADA price movement stands at 38.15, indicating that sellers currently dominate the market and the slope of the line suggests lower prices could come in the short term.
On the other hand, the above chart confirms that the bearish trend for the Cardano token could continue for a while, as the buying volume is quite low.
Possible Increase in Demand
A significant milestone in Cardano’s evolution is the recent activation of the Chang Hard Fork, marking the beginning of on-chain governance under the Voltaire era. With this upgrade, Cardano transitioned from a centralized governance model to a decentralized system that allows ADA holders to have a direct impact on protocol changes.
One of the main tools introduced as part of this upgrade is GovTool, which allows any community member to register as a dRep and delegate their votes. Additionally, users can now review live governance actions and cast their votes directly by connecting their native wallets.
Cardano’s founder Charles Hoskinson reflected on the challenges and triumphs encountered while working on the protocol. He acknowledged the emotional tides of building a decentralized system in over 100 countries and addressed the criticisms faced by the blockchain.
New Tools and Opportunities
The Cardano Chang Hard Fork will be implemented in two stages. The first stage involves the creation of an interim Constitution Committee that will limit the power of previous committees. The second stage, within the next 90 days, will involve transferring governance control to newly authorized bodies.
Additional tools, including a new explorer for this decentralized framework, are expected to be released in the near future.
Cardano’s founder Charles Hoskinson stated that the continuous upgrades of the blockchain would increase its capacity and strengthen Cardano’s leading position in blockchain innovation.
With the transition to the Voltaire era, Cardano signals a potential price increase for the ADA token. While the RSI indicator and low buying volume suggest a short-term decline, the long-term transition to a decentralized governance model and the introduction of new tools have the potential to increase demand for ADA. These developments could strengthen Cardano’s leadership position in blockchain innovation and offer ADA holders greater influence and participation opportunities.
