- The Cardano Window hard fork upgrade introduced decentralized governance to the network.
- However, the price of ADA plummeted due to the news selling event.
Cardano (ADA) was trading at $0.329 at the time of writing. The price has succumbed to widespread downward pressure. Cryptocurrency Market It’s down 3.3% in the last 24 hours.
This decline comes despite major network upgrades aimed at increasing ADA’s usability.
Cardano Windows hard fork announced.
The Cardano network has completed the Chang hard fork upgrade, which aims to introduce decentralized governance to the Cardano ecosystem.
The new governance structure includes a constitutional committee, delegate representatives, and stake pool operators, which will allow ADA holders to vote on key decisions of the network.
The Cardano Foundation said:
“Today’s Chang hard fork marks a significant milestone for the Cardano blockchain, ecosystem, and community, delivering on the promise of a truly self-governing, decentralized network.”
While the Chang hard fork expanded the utility for ADA holders, the token did not receive a positive response.
Would you like to sell a news event?
The Chang hard fork upgrade turned out to be an event to sell news.
Trading volume has surged by more than 60% in the last 24 hours. CoinMarketCap Data. These volumes are most likely due to sales activity.
The Relative Strength Index (RSI) is at 39 on the daily chart, indicating that sellers are in control. The index formed a lower low last week, suggesting that buyers are still hesitant.
The RSI line also broke below its signal line, further proving that the downtrend is still strong.
Source: TradingView
A closer look at the Chaykin Money Flow shows that the indicator has moved into negative territory with selling pressure.
RSI and CMF surged in late August while the rest of the market was up, showing that ADA’s uptrend was dependent on broader market sentiment.
If the price loses the important support at $0.324, there could be further downside for ADA. If the level fails to hold above this support, the token could fall to the August 5 level of $0.27.
On the other hand, if traders accumulate on the decline, ADA can target the next resistance level of $0.402. If bullish sentiment returns across the broader market, the token’s rally could be further strengthened towards $0.47.
Read Cardano (ADA) Price Prediction 2024-2025
While current technical indicators are showing a downtrend, on-chain data via IntoTheBlock paints a bullish picture, suggesting the downtrend may be short-lived.
Source: IntoTheBlock
However, data from Coinglass reinforces the bearish theory: ADA’s funding rate turned negative for the first time in nearly a week, showing the dominance of short traders.
Source: Coinglass