Cardano’s Chang upgrade nears: Can ADA break the $0.3 stagnation?
What has been ADA's price trend over the past year?
ADA's price trend over the past year has experienced a significant decline of over 41%. As of now, it is trading at around $0.36, recently dropping by more than 1%. On 4th July, ADA suffered a major decline, dropping over 11% in just one week. Despite this overall downward trend, there is potential for a rebound, as the Relative Strength Index (RSI) is below 40, indicating that ADA is oversold and could be primed for recovery.
What does an RSI below 40 indicate for ADA?
An RSI below 40 for ADA indicates that the asset is in oversold territory, suggesting that the market sentiment may be overly pessimistic. This could imply a potential opportunity for a rebound or recovery in price, as market sentiment may shift to a more balanced state.
What is the purpose of Cardano's Chang Hard Fork?
The purpose of Cardano's Chang Hard Fork is to make significant changes to the network, including the introduction of community-driven governance, which aims to decentralize decision-making processes and allow ADA holders more direct involvement in network governance. Additionally, the hard fork will initiate a Constitution Convention event to formalize the governance and operational principles of the network, creating a foundational document outlining the rights and responsibilities of all participants.