Cardano (ADA) Price up 5%, Here's Why Bulls Are Active Again
Godfrey Benjamin Cardano in rebound mode after major upgrade went live on-chain Cover image via www.freepik.comDisclaimer: 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. 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 milestoneIn 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. Related However, 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.ADA 1D Chart. Source: CoinMarketCapWith 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 $1With 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. Related As 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. About the author Godfrey Benjamin Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for crypto was birthed when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments. With his vast experience covering various aspects of Web3, Godfrey's articles has been featured on Blockchain.news, Cryptonews and Coingape, among others. Related articles