CoinDesk Report:
ADA has been maintaining a price range around $0.30. The number of holders has remained stable over the past few months.
Cardano (ADA) is approaching another hard fork, a development likely to draw significant attention to the blockchain network due to upgrades and new features.
However, as indicated by the steady number of ADA holders, current sentiment surrounding ADA suggests that excitement or anticipation among investors and users has not notably increased.
Cardano Prepares for Chang Hard Fork
According to IntoTheBlock, the upcoming Chang Hard Fork for Cardano has garnered interest for its significant changes to the network.
Historical data shows previous hard forks have sparked reactions in ADA’s price. A similar impact could arise this time.
A key development of the Chang Hard Fork is the introduction of community-driven governance, aiming to decentralize decision-making and allow ADA holders more direct participation in network governance.
This move seeks to enhance democratic participation within the ecosystem, contrasting sharply with existing centralized governance.
Additionally, the hard fork will initiate a constitutional convention, a crucial step in formalizing governance and operational principles for Cardano.
The convention will bring together stakeholders to draft a constitution for Cardano, outlining rights and responsibilities of all participants.
Following the drafting phase, the proposed “Cardano Constitution” will be submitted to the community, providing an opportunity for community voting on this pivotal document.
Cardano Continues to Struggle
Price trend analysis for Cardano (ADA) indicates a challenging year with a noticeable downward trajectory. According to price range charts, ADA has plummeted over 41% since the beginning of the year.
At the time of writing, it trades around $0.36, having recently declined by over 1%. Notably, on July 4th, ADA saw a significant drop of over 11% within just a week.
Despite the overall downtrend, there remains potential for a rebound, supported by the Relative Strength Index (RSI) currently below the 40 mark.
An RSI below this level typically indicates oversold conditions, suggesting ADA is in a bearish market, but as market sentiment may shift from overly pessimistic to more balanced, it could prepare for recovery.
Holders Maintain Stability
Analysis of holder numbers within the Cardano network shows a stable trend with minimal fluctuations over recent months.
As of the time of writing, approximately 4.48 million wallets hold at least some ADA, a figure that has remained around this number since the beginning of the month.
Historical data from the past three months also supports this stability, indicating the number of holders has been around 4.47 million during this period.
Reading Cardano (ADA) Price Predictions for 2024-25
The stable trend in holder numbers suggests that despite price fluctuations, the size of the Cardano community remains relatively unchanged.
This stability may indicate a solid foundation of long-term holders less susceptible to short-term market swings.
