Cardano’s Chang Hard Fork: A Game-Changer for the Bullish Trend
Cardano (ADA) has remained relatively stable in terms of price movement despite the recent Chang hard fork, which was expected to drive up ADA’s value. The lack of significant price action could be attributed to the overall downturn in the cryptocurrency market or a cautious approach from investors, resulting in ADA hovering around $0.30.
The Chang hard fork is geared towards bringing decentralized governance to Cardano and improving its infrastructure. Stake pool operators are currently in the process of upgrading to Node 9.1.0, the final version necessary to kickstart the hard fork and ensure its success.
Founder Charles Hoskinson has been actively promoting the project, sparking speculations about a potential Cardano exchange-traded fund. Despite recent challenges and being labeled as a stagnant project, Cardano is aiming to revitalize its network with the Chang hard fork.
Key milestones of the Chang hard fork include the release of Node 9.1.0, which contains all the essential features required for the hard fork. The Conway genesis file, now a mandatory requirement at startup, plays a crucial role in the transition process.
Once 70% of stake pool operators have completed the upgrade, control of the blockchain will be transferred to ADA holders, fostering a more democratic and community-driven approach. The update also introduces various enhancements such as CLI and API improvements, a “query treasury” command, and compatibility with CIP69 and CIP119 to boost network efficiency and security.
Despite some delays, the community is prepared for the upcoming changes. Once the necessary node density is achieved, the hard fork will initiate a new blockchain proposal, marking Cardano’s transition towards a more decentralized system.
While ADA continues to move within a bullish technical pattern known as the ‘falling wedge,’ it faces resistance from multiple EMA trendlines. The project’s lack of popularity within the community could pose a challenge in gaining the bullish momentum needed for a breakout.
Traders analyzing the falling wedge pattern project a potential price target near $0.85, indicating a 103% upside potential. Confirmation of the breakout with increased trading volume would further validate the likelihood of a successful price reversal in favor of ADA.
In conclusion, Cardano’s Chang hard fork presents a significant opportunity for the project to solidify its position in the market and potentially trigger a bullish trend, despite facing some challenges along the way.