Plomin Hard Fork Sets Stage For Rally

Cardano’s price might not be moving much right now, but there’s huge news. Cardano has just completed a major milestone: the Plomin Hard Fork, which means it is now fully decentralized. This is a big deal because Cardano is now fully governed by ADA token holders, who will vote on important decisions like upgrades and treasury spending. This makes Cardano one of the few top 10 cryptos with true decentralization.

Even though the price of Cardano isn’t seeing much action at the moment, the fundamentals behind the project are stronger than ever. More and more whales are buying ADA, and institutions like grayscale Investment grayscale Investment – Investment platform are showing interest in Cardano. As more people see the value of Cardano’s decentralized system, demand could increase, which may lead to higher prices in the future.

Price Action: Consolidation Phase

Looking at the price chart, Cardano is currently in a consolidation phase. After a previous surge of over 300%, it’s normal for ADA to experience this type of sideways movement. However, there’s still clear momentum on the weekly chart, showing higher highs and higher lows since the spring of 2024.

The current key levels to watch are

$1: The 20-day moving average is at this level. ADA needs to break above this to signal any further upside.

$1.25: The next resistance level is just above $1.20, with significant price action happening around this zone. If Cardano can break through these levels, a major bull move could be in play.

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A Comparison with Ethereum’s Previous Cycle

Looking at Ethereum’s cycle as a reference, it’s clear that Cardano is primed for similar gains. Ethereum saw massive growth from bear market lows to bull market highs, and Cardano is currently tracking a similar path. If ADA were to follow Ethereum’s trajectory, it could see a massive surge in price.

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