- Cardano’s GovTool launch on the backbone improves decentralized governance, which could boost ADA price targets.
- ADA pricing could exit if it maintains key support levels, fueled by ongoing innovations in the Voltaire era.
Since entering the Voltaire era on September 1, Cardano has made significant adjustments, including the launch of its GovTool on the main network. The Cardano ecosystem is undergoing key developments that could potentially lead to a disruption in ADA pricing.
According to a previous CNF update, Cardano has successfully implemented Chang’s hard fork, marking the beginning of the Conway era – an important step towards the blockchain’s goal of total decentralization. A recent tweet from Intersect, a member-based organization within the ecosystem, pointed out that GovTool allows users to register as decentralized representatives (dReps), delegate votes and participate in governance actions by connecting their native wallets.
Cardano: bullish outlook amid decentralization and price consolidation
This development supports Cardano’s move towards a fully decentralized governance system, with ADA holders playing a crucial role, potentially signaling a bullish trend for the token price.
In terms of price movement, ADA has been trading in a narrow range, currently at $0 .319, down 1.33% over the past day and 10.56% over the past week. Despite a drop in trading volume, recent analysis suggests that ADA could reach $0.4 if it breaks out of its current descending wedge configuration. See ADA’s price chart below.
To reach this target, ADA must hold its $0.3 support level and break resistance at $0.34. Ongoing innovations in the Voltaire era could drive long-term protocol growth, positioning ADA for a potential rally. As revealed in another FCEN report, one analyst suggests that ADA could reach $75 once bitcoin hits $500,000. Cardano (ADA) has launched the first stage of its long-awaited hard fork, with the second stage expected after 90 days.
