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Less than 24 hours after the much anticipated Plomin hard fork, Cardano (ADA) has recorded notable price movement on the broader cryptocurrency market. ADA’s price registered a 5% surge that saw it trade at $0.97 as investors flocked in.
ADA rebounds amid governance milestone
In the last seven days, Cardano has experienced price variations that saw it plunge below the $0.90 support level. ADA crashed to a low of $0.8725 as the coin bled red despite the community's anticipation of the Plomin hard fork.
Godfrey BenjaminHowever, as the launch day approached, ADA began a rebound journey toward the $1 mark. It suffered several setbacks but found support at $0.90 in each of its falls.
With the successful implementation of the Plomin hard fork, ADA users can now vote directly or through a delegated representative. This move signals a transition toward full decentralization in governance.
Analysts have hailed it as a notable moment in Cardano’s history. Remarkably, the journey to implementing the Plomin hard fork became possible due to the Chang upgrade. This prepared the ecosystem for the full on-chain governance structure.
Market interest rises as ADA targets $1
With Cardano’s bulls active again, analysts predict that the coin could quickly reclaim the $1 mark. They insist that ADA’s performance in the next couple of hours will signal if the coin can sustain its momentum and reach higher price levels.
Tomiwabold OlajideAs of this writing, ADA's price was trading at $0.9624. Its trading volume has increased by 8.10% to $799.77 million. This indicates that investors have once again become interested in Cardano.
Interestingly, Cardano traders recently committed 1.28 billion ADA in open interest in preparation for the unveiling of the Plomin hard fork. Notably, it represents a 1.87% increase in OI among Cardano’s investors, showcasing the extent of trust in the protocol’s future.
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Yuri Molchan
Tomiwabold Olajide
Dan Burgin
Vladislav Sopov