- ADA has remained in the $0.3 price range.
The number of holders has remained stable in the past months.
As a researcher with experience in blockchain analysis and crypto markets, I’ve been closely monitoring the Cardano (ADA) ecosystem. The upcoming Chang Hard Fork presents an intriguing development for the network, but the current sentiment among ADA holders seems subdued.
The cryptocurrency Cardano [ADA] is gearing up for another major update, referred to as a hard fork, which typically generates heightened interest in the blockchain community due to the integration of advancements and novel functionalities.
Based on the present trend of ADA holders, it seems that the level of enthusiasm or eagerness amongst investors and users has not noticeably surged.
Cardano prepares for Chang upgrade
The forthcoming Chang Hard Fork for Cardano, according to IntoTheBlock’s reports, is attracting attention because of the major improvements it will bring to the network.
Based on historical records, past hard forks have led to price fluctuations in Cardano (ADA). It’s reasonable to expect similar results during this event.
One significant advancement brought about by the Chang Hard Fork is the implementation of community-led governance. The objective is to distribute power over decisions among ADA holders, thereby fostering a more decentralized approach to managing the network.
As a crypto investor, I believe this action aims to boost participatory democracy within the blockchain community. In contrast, the current centralized decision-making process stands in stark opposition to this approach.
Moreover, the hard fork will trigger a Constitution Convention process. This represents a crucial milestone in establishing the network’s governance and operating rules in a formalized manner.
As a crypto investor in Cardano, I’m excited about the upcoming convention where we’ll collaborate with other stakeholders to draft a constitution for our beloved blockchain. This foundational document will clearly outline each participant’s rights and responsibilities, ensuring a solid framework for our community’s future growth.
After the drafting process is completed, the suggested Cardano Constitution will be put forth for the community’s review. Subsequently, community members will cast their votes on this significant document.
Cardano continues to struggle
Based on my expertise in analyzing price trends, the outlook for Cardano (ADA) this year has been difficult, with a clear downward trend observable. According to the data from the price chart, Cardano has suffered a substantial loss of over 41% since the year began.
From my current perspective as a researcher, the price of ADA was approximately $0.36 at the time of writing, representing a decrease of more than 1% compared to the previous period. It’s important to note that during the week of July 4th, ADA experienced a significant decline, dropping by over 11%.
As a researcher analyzing market trends, I’ve observed a general decline in the market. However, I’ve noticed an intriguing potential for a turnaround based on the current reading of the Relative Strength Index (RSI). Specifically, it sits below the commonly used threshold of 40, suggesting that the market may be oversold and due for a bounce back.
When the Relative Strength Index (RSI) falls below this specific threshold, it usually signifies that an asset like Ada has been oversold. This condition implies that ADA is currently experiencing a bear trend. However, given that market sentiment tends to fluctuate, there’s a possibility for a shift from overly pessimistic towards a more balanced perspective, potentially setting the stage for recovery.
Holders remain steady
In simple terms, the data on the Cardano network reveals a consistent pattern regarding the number of users, with minimal fluctuations observed over the past few months.
From my recent exploration into the world of cryptocurrencies, I’ve discovered that approximately 4.48 million wallets currently contain at least one unit of Cardano (ADA). This number has shown a remarkable stability over the past few weeks, hovering around this figure since the commencement of the month.
The historical records from the last quarter reveal a consistent figure, with approximately 4.47 million holders reported during those three months.
Read Cardano (ADA) Price Prediction 2024-25
As a Cardano investor, I’ve noticed that the number of ADA holders hasn’t shown much fluctuation lately, implying that the size of our vibrant community has remained fairly consistent despite price volatility.
This could imply a solid base of long-term holders not swayed by short-term market volatility.
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2024-07-07 17:11