- ADA crashed by more than 17% and is trading at $0.3267.
- The Chang hardfork is currently in its last stages, said Charles Hoskinson.
- Cardano recently elected the members of the Interim Constitutional Committee (ICC).
The price of ADA, the native token of the Layer 1 Cardano blockchain, is expected to rise significantly with the upcoming Chang hard fork. The hard fork is currently in its final stages, and according to a post on platform X by Charles Hoskinson, the founder of Cardano, a fork-ready node is available.
As per Hoskinson’s X post, Cardano developers are waiting for 70 percent of the stake pool operators to test and update, which “generally requires a month.” With the Chang hardfork on the horizon, the price of ADA is ready for a breakout, pointed out Dan Gambardello, a Cardano bull.
Gambardello’s chart shows that the ADA price action was on the verge of a bullish breakout. However, an unexpected Bitcoin sell-off initiated by the German government and Mt. Gox creditors disrupted this potential. As per CoinMarketCap data, the price of ADA also fell 17.14%, and the 10th largest digital asset is trading at $0.3267, 89.4% down from its all-time high of $3.10.
On the other hand, the Chang hard fork might be complete by late July or early August, which would be responsible for establishing Cardano governance throughout 2024. Chang, which is the first hard fork of the Voltaire era, will involve the introduction of Delegate Representatives (DReps) and the Cardano Constitution Convention.
The Convention, which will be held first in Buenos Aires, will result in the creation of the Cardano Constitution. Finally, the community will vote on the draft of the Constitution by the end of the year. As reported earlier, Cardano also completed the election of the Interim Constitutional Committee (ICC), which is responsible for voting on and managing the first on-chain governance actions.
As per the chart provided by TradingView, the ADA price action has entered the oversold region of the Relative Strength Index (RSI), which reads a value of 27.91. The selling pressure is higher, and buyers are being pushed hard.
On the other hand, the price trajectory of the ADA/USDT pair crashed from the lower region of Bollinger Brands, followed by an increase in selling volume. The crash went against Gambardello’s prediction, and if the market remains bearish, ADA might fail to form an uptrend.
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