The Cardano community is buzzing with excitement about the upcoming Chang Hard Fork upgrade. Although the price of ADA has not yet reflected this sentiment, analysts are optimistic about a breakout. Cardano enthusiasts are eagerly awaiting the launch of the Chang Hard Fork, which is expected to be a game-changer for the network. The launch is scheduled for Q2, 2024, and could potentially act as a catalyst for ADA during the current bull run.
One prominent member of the Cardano community, Chris, expressed his enthusiasm for the Chang Hard Fork on the X platform, stating, “I hear the Chang Hard Fork is going to be an absolute game changer for Cardano.” The Chang hard fork is a crucial update for Cardano and marks the final stage of its roadmap, Voltaire. In this stage, Cardano will deploy its governance journey throughout the year. The Chang hard fork will be deployed in three stages.
The first stage will introduce a new governance feature to the network called Delegate Representatives (DReps). DReps are representatives of the Cardano community elected through ADA token delegation. They will have the power to vote on all governance decisions and initiatives, guided by the Cardano Constitution.
The second stage will focus on a constitutional conference to be held in Buenos Aires later this year. Governance officials will gather at the convention to draft the first version of the Cardano Constitution.
Subsequently, the drafted Constitution will go through the final stage of approval. During this stage, the community will vote to decide if the proposed legislation will become effective. If endorsed, the Cardano Constitution will serve as the foundation of Cardano’s decentralized governance model. The finalization of the Cardano Constitution is expected by the end of the year.
As the Chang hard fork approaches, ADA, the native cryptocurrency of Cardano, has attracted the attention of investors. The current price of ADA suggests the potential for a bullish stance following the launch of the Chang Hard Fork.
According to CoinCodex, Cardano has yet to establish a strong market pace and is expected to experience future price declines. However, the platform predicts that Cardano’s price momentum will stabilize after May 7, potentially leading to some stability for the coin. The coin is also projected to reach $0.49 by May 27.
At the time of writing, ADA is trading at $0.4423, a decrease of 1.7% in the past 24 hours. The market cap has also decreased by 1.69% to $15.7 billion, but the trading volume has increased by 2.9% to $284 million.
Crypto analytics firm IntoTheBlock has reported that the average large transaction volume for Cardano has reached $13.84 billion daily over the past week. This increased activity among Cardano’s whales could indicate significant market movements and should be noted by the crypto community.
If a breakthrough occurs, it is likely to increase buying pressure and encourage investors to pursue the $0.57 and $0.687 highs. Analysts believe that ADA could experience an explosive run in an attempt to break the $1 resistance level, as previously reported by Crypto News Flash.
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