After a four-day losing streak, Cardano rebounded slightly on Friday, recovering from a low of $0.762. It peaked at $0.997 on Saturday before slipping back to $0.869 on Sunday, hovering near the 50-day Simple Moving Average (SMA). Holding above the critical support level of $0.869 is essential for ADA’s short-term outlook.
Should ADA breach this support, analysts warn of further declines toward $0.76, $0.69, or even $0.50. Conversely, sustained recovery could see ADA challenge the $1 resistance zone.
Beyond price movements, Cardano’s ecosystem is gearing up for a transformative upgrade with the Plomin hard fork. Submitted for on-chain approval in epoch 529, this governance action aims to introduce full on-chain governance as outlined in Cardano Improvement Proposal (CIP)-1694.
The Plomin hard fork will mark the conclusion of Cardano’s technical bootstrapping phase and enable the submission of a community-endorsed Constitution for broader consideration. If ratified, the upgrade could take effect as early as January 4, 2025, or on subsequent dates depending on procedural requirements.
While the $6 price target offers optimism, the highly volatile nature of cryptocurrency markets calls for cautious investment. The Plomin hard fork and governance upgrades could play a crucial role in shaping ADA’s long-term trajectory.