Cardano (ADA) has captured attention with its recent price movements. A crypto analyst has identified a pattern similar to a previous cycle, potentially indicating a significant upcoming movement.
Price Movement Analysis
An analyst named Ali pointed out the similarities between the current price movements of Cardano and the situation in 2020. At that time, the first major correction followed the bull rally, just as now. Ali predicts that if historical patterns repeat, the price might reach $6.
Current Dynamics of ADA
At the time of writing, ADA was down 4% in the last 24 hours to $0.8825 amid Sunday's sell-off, which has led to $246 million in crypto liquidations. ADA is down 19% weekly. Following a four-day decline, Cardano rebounded from a low of $0.762 on Friday, reaching $0.997 on Saturday before the decline continued into Sunday's session, touching $0.869 near the daily SMA 50. Bulls are trying to hold this crucial level, as failing to do so might send ADA to $0.76 or lower.
Update on Cardano Plomin Hard Fork
According to the latest update from Intersect, a governance action for the Cardano mainnet hard fork has been submitted for ICC and SPO ratification. The Plomin upgrade will unlock the final on-chain governance features, completing the initial setup phase. If approved, this action will implement full governance as described in CIP-1694. The expected epoch boundary dates for the hard fork, should the action be approved, are January 4, 9, 14, 19, 24, and 29, 2025.
Analysts see potential for significant growth in Cardano based on historical price patterns. Governance updates also play a crucial role in the development of the Cardano ecosystem.
