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ADA nears $0.7 breakout before Chang’s update
Cardano price surged today, fueled by excitement over the upcoming Chang Hard Fork, a significant upgrade to the Cardano blockchain. The upgrade, which is expected to be completed soon, has prompted cryptocurrency analysts to make bullish predictions, suggesting that ADA could hit $0.7 in the near future.
Notably, this optimistic outlook is further supported by Cardano’s efforts to improve its governance structure and decentralization.
Cardano Price Targets $0.7 Breakout
Cardano price has seen a significant increase amid growing anticipation for the Chang hard forka key update that is expected to improve the functionality of the Cardano blockchain. Prominent cryptocurrency market analyst Captain Faibik shared a positive outlook on ADA’s price trajectory.
Faibik highlighted a falling wedge formation on Cardano’s daily chart, a pattern typically associated with uptrends. In a recent post on X, he shared a Cardano price chart and said:
ADA Falling Wedge formation on daily timeframe chart! Expected to breakout soon, so keep an eye on it.
Meanwhile, the chart indicates that ADA could rise to $0.7 in the coming days, aligning with the optimistic sentiment surrounding Chang’s hard fork. Historically, such technical patterns have preceded significant price movements in Cardanomaking this prediction particularly compelling.
Source: Captain Faibik, X
In addition to the anticipation of the upgrade, it has energized the broader cryptocurrency market, creating a favorable environment for a potential breakout of ADA. The Chang Hard Fork, which is scheduled to be finalized this month, promises to bring substantial improvements to Cardano’s infrastructure.
According to the founder of Cardano Charles HoskinsonThe upgrade aims to further decentralize Cardano, enhance its governance model, and increase its market appeal. The Cardano Foundation also highlighted the importance of this upgrade, highlighting its role in promoting network governance and the overall integrity of the ecosystem.
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Chang Update to Enhance Decentralization and Governance
The Chang Hard Fork represents a major milestone for Cardano, which aims to establish a more decentralized governance framework. In an announcement on June 27, the Cardano Foundation outlined its new governance role, detailing its participation in the Interim Constitutional Committee (ICC) and its involvement in the ICC elections.
Specifically, this initiative is designed to ensure robust and transparent governance for the Cardano ecosystem, paving the way for its long-term success. The proposed governance model includes different types of actions such as parameter changes, hard fork initiations, and informational actions.
Meanwhile, this model aims to balance inclusivity and diversity while offering effective checks and balances through DRepSPO and others. As part of this governance overhaul, the Cardano Foundation will serve as a member of the ICC, helping to manage protocol changes and collaborate with SPOs on hard forks.
At the time of writing, Cardano Price rose 1.85% to trade at $0.3955, with its daily trading volume increasing 25% to $328.63 million. Notably, the cryptocurrency hit a high of $0.402 in the past 24 hours, while CoinGlass data shows that open interest on ADA futures jumped about 4% to $220.38 million.
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