Cardano’s Chang Hard Fork: How On-Chain Governance Could Trigger a Major ADA Price Upswing
Release: 2024/09/02 18:34 Reading: 549
Cardano's implementation of the Chang hard fork, introducing on-chain governance, represents a pivotal step in the network's evolution. This update, as analyzed by Dan Gambardello, underscores the critical role of decentralized governance in Cardano's future.
Gambardello's analysis offers insights into Cardano's current technical landscape. He examines price action, key indicators, and long-term growth potential.
Cardano's Chang Hard Fork:
The Chang hard fork has shifted Cardano's governance structure, advancing the network towards true decentralization. ADA holders now play a direct role in shaping the network's direction and development, reducing the dominance previously held by Cardano Foundation, IOHK, and EMURGO.
This move aligns Cardano with other top-tier blockchains like Polkadot that embrace decentralized governance. In Gambardello's view, this is a significant step forward, given Cardano's emphasis on decentralization over other leading cryptocurrencies. He urges critics to reassess their perception of ADA, highlighting the blockchain's potential for long-term success.
Technical Analysis and Price Outlook:
Gambardello delves into the technical aspects of Cardano's price action, providing insights into both short-term and long-term trends. From a macro perspective, he suggests that ADA is undervalued despite the recent downtrend.
He cites the network's governance improvements and technical strengths as indicators of a promising future. The expert also discusses the possibility of a "supercycle" in the broader crypto market, which could potentially extend until 2026. This view is supported by historical data suggesting long-term market growth driven by factors such as Federal Reserve monetary policies.
Key Price Levels and Indicators:
In his analysis, Gambardello highlights key technical indicators for ADA. Important levels to monitor include the 20 and 50-day moving averages, currently around $0.35 and $0.37, respectively. A break above these levels could signal a trend reversal and potential bullish momentum.
The analyst also emphasizes the importance of tracking the RSI, particularly when ADA approaches oversold levels. Gambardello mentions the possibility of a positive divergence on the RSI, where the price creates a lower low but the RSI forms a higher low. This pattern could indicate a potential reversal, especially if ADA remains above key support levels.
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