Cardano, the ninth-largest cryptocurrency, attracts attention due to price fluctuations and upcoming network upgrade via Plomin hard fork.
Current Price Movement and Market Overview
At the time of writing, ADA declined by 4% over the past 24 hours, trading at $0.8825 following a weekend sell-off, which triggered $246 million in cryptocurrency liquidations. The weekly drop amounted to 19%.
Critical Support Levels and Potential Scenarios
The bulls are striving to defend critical support levels near $0.76. Failure to maintain this position may lead to further declines to $0.69 or even $0.50. Conversely, a successful rebound could drive ADA toward breaking the $1 resistance barrier.
Timeline for Plomin Ratification and Implementation
Parallel to price developments, significant progress is reported on the Plomin hard fork implementation, pivotal for Cardano’s governance system. This transition fully aligns with CIP-1694, steering Cardano into a fully governed phase.
In conclusion, upcoming changes and Cardano's support level test play significant roles in its future development and growth.
