Crypto News Report:
ADA has been maintaining a price range around $0.3. The number of holders has remained stable over the past several months.
Cardano (ADA) is approaching another hard fork, which typically garners significant attention for the blockchain network due to upgrades and new features being implemented.
However, current sentiment surrounding ADA, as indicated by the stable number of holders, suggests that excitement or anticipation among investors and users has not notably increased.
Cardano Prepares for Chang Hard Fork
According to IntoTheBlock, the upcoming Chang Hard Fork for Cardano is drawing interest due to its significant changes to the network.
Historical data indicates that previous hard forks have triggered reactions in ADA’s price, and this upcoming event may have a similar impact.
A key development of the Chang Hard Fork is the introduction of community-driven governance, aiming to decentralize decision-making and enable ADA holders to participate more directly in network governance.
This move aims to enhance democratic participation within the ecosystem, contrasting sharply with existing centralized governance.
Additionally, the hard fork will initiate a constitutional convention, a crucial step in formalizing governance and operational principles for Cardano.
The convention will gather relevant stakeholders to draft a constitution for Cardano, outlining rights and responsibilities of all participants.
Following the drafting phase, the proposed “Cardano Constitution” will be submitted to the community for voting on this critical document.
Cardano Continues to Struggle
Price trend analysis of Cardano (ADA) indicates a challenging year with a noticeable downward trajectory. According to price range charts, ADA has seen a significant decline of over 41% since the beginning of the year.
As of the time of writing, it is trading around $0.36, having recently dropped by more than 1%. Notably, on July 4th, ADA experienced a substantial drop, declining by over 11% in just one week.
Despite the overall downtrend, there is potential for a rebound supported by the Relative Strength Index (RSI) currently below 40.
An RSI below this level often indicates oversold conditions, suggesting ADA is in bearish territory, but as market sentiment potentially shifts from overly pessimistic to more balanced, it could prepare for a recovery.
Holders Remain Steady
Analysis of the number of holders within the Cardano network shows a stable trend with minimal changes over the past few months.
As of the time of writing, approximately 4.48 million wallets hold at least some ADA, a figure that has remained around this number since the beginning of the month.
Historical data from the past three months also supports this stability, indicating a holder count of around 4.47 million during that period.
Steady trends in holder numbers suggest that despite ADA’s price fluctuations, the size of the Cardano community remains relatively unchanged.
This stability may indicate a solid base of long-term holders less affected by short-term market fluctuations.