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Cardano (ADA), the ninth largest cryptocurrency by market cap, has been capturing attention recently with its price movements. According to Ali, a crypto analyst, Cardano is following a pattern that is eerily similar to its prior cycle.
Ali pointed out that back in 2020, the first major correction after the bull rally began happened at the very same time as the correction we are experiencing today, predicting a price target of $6 if this historical pattern repeats.
At the time of writing, ADA was down 4% in the last 24 hours to $0.8825 amid Sunday’s sell-off, which has seen $246 million in crypto liquidations. ADA remains down 19% weekly.
Following a four-day decline, Cardano rebounded from a low of $0.762 on Friday. The rebound stagnated at $0.997 on Saturday, and the declines continued into Sunday’s session, reaching lows of $0.869 near the daily SMA 50.
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Bulls are attempting to hold this crucial level because failure to do so might send ADA to $0.76. If this support also cracks, ADA may fall to $0.69 or $0.50. On the other hand, a rebound might aim for a breach of the $1 barrier.
Update on Cardano Plomin hard fork
According to a recent update from Intersect, a member-based organization for the Cardano ecosystem, the governance action for the Cardano mainnet hard fork has been submitted on-chain for ICC and SPO ratification.
The Plomin upgrade will unlock Cardano’s final on-chain governance features. This action marks the end of the beginning for on-chain governance. If enacted, this action will enable full governance as described in CIP-1694 to mainnet, exiting the technical bootstrapping phase. Following this upgrade, the delegate-approved Constitution will be submitted on-chain for community consideration.
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Intersect outlines estimated mainnet epoch boundary dates when the Plomin hard fork could occur if the governance action is approved by the SPO and ICC. The dates are: Jan. 4, 9, 14, 19, 24 and 29.
The shortest conceivable period between submitting a governance action and its implementation is a little over two epochs, but this is highly rare. Raising the action in epoch 529 ensures the earliest possible enactment date of Jan. 4, 2025.
Following bootstrap governance rules, the epoch 529 plan affords the greatest opportunity for the SPOs and ICC to vote to ratify the hard fork in January 2025. Along these lines, ratification and enactment could happen following any epoch boundary between Jan. 4 and 29, 2025.