Struggling to gain bullish momentum, Cardano (ADA) faces challenges despite upcoming network developments like the Voltaire upgrade and the Chang hard fork set to launch by the end of June.
The anticipated upgrade aims to transform the network by transitioning it from a Proof-of-Stake system to a fully decentralized governance model. Despite these significant changes, ADA has been unable to surpass resistance levels for the past two months, lingering below $0.50 since mid-April. This struggle is exacerbated by the bearish market conditions, with Bitcoin failing to maintain consistent bullish momentum.
Currently priced at $0.4297 following a 1% increase in the last 24 hours, ADA has managed to recover slightly from its weekly losses of 6.4%. This trend mirrors the broader market sentiment, largely influenced by Bitcoin’s performance.
As a result of its recent underperformance, Cardano has slipped from its prestigious top-ten ranking to 11th place, with a market cap of $15.1 billion. TONcoin has overtaken ADA to claim the 10th spot with an $18.3 billion market cap.
Despite these setbacks, Cardano investors remain hopeful about the network’s future, particularly with the introduction of the Voltaire upgrade and upcoming Chang hard fork. These developments signify a pivotal shift towards full decentralization, empowering the ADA community to govern the network independently.
Founder Charles Hoskinson announced that Cardano is poised for the Chang hard fork, marking a significant milestone in the network’s evolution. The upgrade is expected to propel Cardano into the “Age of Voltaire,” introducing treasury management, governance features, and decentralized voting.
Investors anticipate these changes to trigger a price rally, potentially reaching new highs for ADA. However, current market sentiment remains subdued, with confidence in a future rally tepid.
Looking ahead, investors hope that the upcoming update will restore confidence in Cardano and drive momentum in the weeks to come. With positions clustered above $0.45 on Coinglass’s liquidation heatmap, breaching this level could pave the way for ADA to break through $0.5 for the first time in months.
In the long run, Cardano’s growth, user adoption, and strong community support suggest a promising future for the network. For more information on Cardano, check out our Buy Cardano Guide, Cardano Wallet Tutorial, and 24-hour Cardano Price updates.