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- ADA price gained 8.5% intraday, rising over two trading sessions.
- Cardano is planning to shift to a fully decentralized network.
- ADA price could target $1 this year to establish bullish dominance.
Cardano has laid the groundwork for full decentralization as it plans to enter the Voltaire era by the end of 2023, to which ADA price responded bullishly. The Voltaire era will aim to develop a self-sustaining system via the introduction of voting and treasury systems. It will also allow network participants to use their stake and right to vote in influencing the network’s future development. Cardano plans to shift to the Voltaire era from the Shelley era.
Funds for the future development in the Voltaire era will be taken from the introduced treasury system, pooling a fraction of all transaction fees, in order to support development activities following the voting process. With this development, voting and treasury systems in place, Cardano will no longer be managed by IOHK. In lieu, the community will monitor Cardano’s future.
Along the same lines, similar hints were given out by the Cardano community member, Richard McCracken, who invited volunteers to review the Cardano Improvement Proposal (CIP) for governance security. He took to Twitter to request volunteers to suggest necessary changes to ensure proper security for further developments on the Cardano network.
The Pictorial
ADA price breaks the rising channel and gains for two consecutive trading sessions. The uptrend starts after ADA price retraces taking support from $0.345. The rally is accompanied with a declining investor interaction in the market. The 50- and 200-day EMAs form a golden cross (green circle), indicating bullish momentum in ADA price action. However, a sideways moving OBV suggests neutrality in the market. The uptrend could aim for $1 in the long term, with respect to previous swing from the same support level.
ADA price upsurge has set an optimistic outlook. The CMF rises to the zero-level indicating that the bearish trend might be over. The RSI escalates to the 60-range, suggesting that the buyers are gaining dominance, making ADA price attractive to investors. The MACD forms a positive cross and records buyer action in the bullish market. The indicators turn bullish and support the price rally.
The Peephole
In the shorter time frame, ADA price forms a sharp rise, setting a bullish theme. The CMF rises to higher levels indicating stronger bulls. The RSI reaches the overbought zone and hints at a temporary price reversal. The MACD forms a wide positive divergence and records tall buyer bars, indicating active buyer participation. The price could correct temporarily, in the short term, and may remain bullish in the long term.
Conclusion
ADA price breaks the rising channel and gains for two consecutive trading sessions. The uptrend can aim for $1 in the long term, with respect to previous swing from the same support level. The price could correct temporarily, in the short term, and may remain bullish in the long term. Cardano laid the groundwork for full decentralization as it plans to enter the Voltaire era by the end of 2023, to which ADA price responded bullishly. The holders of ADA can rely on support near $0.345.
Technical levels
Support levels: $0.345 and $0.305
Resistance levels: $0.400 and $0.420
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
