Cardano (ADA), the ninth largest cryptocurrency by market cap, has been drawing attention due to its recent price movements. Crypto analyst Ali has pointed out that Cardano is following a pattern similar to its prior cycle. In 2020, the first major correction after the bull rally began occurred at the same time as the correction currently happening, leading to a predicted price target of $6 if history repeats itself.
As of the recent data, ADA was down 4% in the last 24 hours to $0.8825 amid Sunday’s sell-off, which resulted in $246 million in crypto liquidations. ADA is also down 19% weekly. After a four-day decline, Cardano bounced back from a low of $0.762 on Friday, reaching a high of $0.997 on Saturday before declining again on Sunday to lows of $0.869 near the daily SMA 50. Bulls are hoping to maintain support at this level to avoid further declines.
Recent updates from Intersect, a member-based organization for the Cardano ecosystem, indicate that the governance action for the Cardano mainnet hard fork has been submitted on-chain for ICC and SPO ratification. The Plomin upgrade will activate Cardano’s final on-chain governance features, marking the transition from technical bootstrapping phase to full governance as outlined in CIP-1694. If the action is approved, the delegate-approved Constitution will be submitted on-chain for community review.
Intersect has outlined potential dates for the Plomin hard fork on the Cardano mainnet if approved by the SPO and ICC. The dates range between Jan. 4 and 29, 2025, with the earliest possible implementation date being Jan. 4, 2025, if the governance action is raised in epoch 529. This plan ensures sufficient time for SPOs and ICC to vote for ratification and enactment in January 2025, following any epoch boundary within the specified timeframe.
In summary, Cardano’s current price movements are reflecting a pattern similar to its 2020 cycle, with a predicted target of $6 if history repeats. ADA has experienced fluctuations in price recently, with bulls hoping to maintain support levels to avoid further declines. Updates on the Cardano Plomin hard fork indicate progress towards finalizing on-chain governance features, with potential implementation dates in January 2025 pending SPO and ICC ratification. The community eagerly awaits further developments in Cardano’s journey towards full governance and continued growth in the crypto space.
