Cardano Change Upgrade: First Supporting Nodes Launch While ADA Awaits Price Breakout

Bittime - Cardano (ADA) is facing a major milestone with the launch of Cardano Node 9.0.0, a crucial step towards the highly anticipated Chang hard fork, the most important upgrade yet.

Cardano’s Chang Upgrade Gets First Prerequisites

Romain Pellerin, CTO at Input Output Global (IOG), highlighted the milestone on social media, calling it a "huge thing" and a "foundational moment." He emphasized that Chang's upgrade will enable decentralized governance, allowing the Cardano community to vote and shape the future of the network.

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Compliments of Charles Hoskinson

Cardano founder Charles Hoskinson has often hailed the latest node release, Node 9.0, as the most important milestone in the history of the network as it enters its final development stage, Voltaire.

Upgrade Process and Its Impact

According to Hoskinson, once 70% of Staking Pool Operators (SPOs) update to the latest nodes, the network will embrace Chang's hard fork and announce CIP-1694. This upgrade will transform the Proof-of-Stake network into a functional decentralized governance system, empowering users to take control of the network, vote on governance actions, and more.

ADA Price Analysis

Cardano price has been declining steadily since reaching a peak of $0.80 on March 14. By mid-April, the price fell to $0.4, only recovering slightly but never above $0.5. Despite several recovery attempts, ADA struggled to surpass $0.50 over the past three months and continues to decline.

Recovery Outlook and Price Predictions

On July 5, ADA broke a horizontal support level, falling to a low of $0.32, where the 0.786 Fibonacci level is located. After touching this level, price performance reversed and experienced an increase of 20%. According to technical analysis, Cardano's daily RSI fell to oversold levels of 32%, indicating potential for further recovery. If ADA manages to break $0.50 and set a higher low, it could trigger a sustainable uptrend with a potential target around $1.

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Conclusion

Cardano (ADA) is currently facing interesting times with the launch of Node 9.0.0 and anticipation of the Chang hard fork. The price recovery after the July drop gives hope for a strong bullish trend, with the potential to break higher in the near term.

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