Cardano (ADA) is riding high with a 5% bump this week, and every indication it's just the beginning.
The reasoning is Cardano's newest update the Chang hard fork is around the corner and can be a potential turning point for Cardano.
As of today ADA is up to 0.412, a 1.6% gain and 5% over the week.
Charles Hoskinson Sets the Record Straight
The Chang hard fork is shaking things up with decentralized voting and governance, redefining Cardano.
This upgrade introduces decentralized governance through delegate representatives (DReps). ADA holders can delegate shares, and DRep registration will start in Q2 2024.
Initially, Charles Hoskinson, the founder of Cardano, said the update would happen in June - but he got the timing wrong.
Hoskinson now says that rumors of the June launch were "rumors." The fork upgrade is on standby until 70% of stake pool operators test and upgrade, which takes about a month from today.
"In June, the Cardano node will reach the necessary version, making it ready for the Chang hard fork," Hoskinson previously outlined.
https://twitter.com/IOHK_Charles/status/1808240119704703273
ADA's price momentum is strong at the moment, outperforming most altcoins as Ether slips nearly 2% in the past day and 13% over the last momth. Analyst Javon Marks on X points out that ADA is above its resistance zone, with hidden bull divergences suggesting a breakout.
"First target is $2.77, a 500% gain from now," says Marks. "After that, $5 in a parabolic surge."
RLindaTrade on X sees a bullish falling wedge pattern in ADA's chart. If ADA breaks resistance and holds above $0.40, it might hit $0.678 and $0.798.
The Impact of the Chang Hard Fork on Cardano
According to GSR Markets, Cardano could be aligned for an ETF once the fork is done.
One thing's certain: ADA is set for an upward swing if market momentum turns bullish.
