Cardano Hits a Major Milestone With the Plomin Hard Fork, Becoming Fully Decentralized and Governed by ADA Holders

ADA is in a consolidation phase, with key levels at $1 and $1.25. It could follow Ethereum's growth trajectory for a potential surge.

Cardano has hit a major milestone with the Plomin Hard Fork, completing its transition to full decentralization. Now governed by ADA token holders, Cardano's price is poised for potential surges, as indicated by key levels and a comparison with Ethereum's growth trajectory.

Cardano Hits a Major Milestone: The Plomin Hard Fork

Cardano has completed a major milestone with the Plomin Hard Fork, marking a significant step in its decentralization journey. This completes the devolution of governance power to ADA token holders, who will now play a crucial role in key decisions such as upgrades and treasury spending. This move makes Cardano one of the few top 10 cryptos to achieve true decentralization.

Despite the minimal price movement, the fundamentals behind Cardano are incredibly strong. Whales are flocking to ADA, and institutions like Grayscale Investment are showing interest in Cardano's potential. As more people recognize the value of Cardano's decentralized system, demand may increase, potentially driving up prices in the future.

Cardano Price Analysis: A Consolidation Phase in Progress

Examining the price chart, we can observe that Cardano is currently in a consolidation phase. Following a prior surge of over 300%, it's common for ADA to experience this type of sideways movement. However, the weekly chart still showcases clear momentum, with higher highs and lows since spring 2024.

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$1: The 20-day moving average is pegged at this level. For any further upside to be signaled, ADA needs to breach above this level.

$1.25: The next resistance is encountered at $1.20, with significant price action occurring around this zone. If Cardano can break through these levels, a major bull move could be on the horizon.

Comparing Cardano's Journey to Ethereum's Previous Cycle

Utilizing Ethereum's cycle as a reference, we can see that Cardano is primed for similar gains. From bear market lows to bull market highs, Ethereum experienced massive growth, and Cardano is currently tracking a comparable path. If ADA were to follow Ethereum's trajectory, it could see a massive surge in price.

Key Takeaways:

The Plomin Hard Fork decentralizes Cardano, allowing ADA holders to govern upgrades and treasury spending, boosting its value.

Our latest ADA price analysis reveals that the maximum price Cardano could reach is $69.33.

While ADA is currently in consolidation, if it follows Ethereum's past trajectory, it could see a surge that brings it back to $3 in the future.