Cardano (ADA) Dips 8.98% Weekly, But Community Sentiment Stays Bullish Ahead of Plomin Hard Fork

Cardano (ADA) price has seen a significant decline of 8.98% over the past week, currently trading at $0.9252. The token began the week trading above the $1 mark but has faced selling pressure, leading to a low of $0.8838. Despite the dip below $1, optimism surrounding upcoming developments like the Plomin hard fork keeps investor sentiment alive.

ADA 7-Day Price Chart Coinmarketcap

Cardano (ADA) price now ranks ninth in the cryptocurrency market by capitalization, which has also seen a reduction to $32.58 billion, reflecting the token’s 8.98% weekly loss. The 24-hour trading volume shows a 12% decrease from the previous day, reaching $605.56 million.

As ADA’s price range fluctuated between $0.8838 and $0.9353 over the past 24 hours, the token experienced significant volatility. Compared to its all-time high of $3.10, reached on September 2, 2021, ADA is down 70.14%. However, the token still boasts remarkable long-term gains of 5,232% from its all-time low of $0.01735 on October 1, 2017.

Community Sentiment Price movements over the past week have sparked discussions within the cryptocurrency community. Notably, 90% of voters in a recent poll expressed optimism about Cardano’s future. This positive outlook is largely influenced by the network’s strong fundamentals and upcoming milestones.

Among the highly anticipated developments is the Plomin hard fork, expected in January 2025. This upgrade aims to further decentralize Cardano while enabling actionable governance within its ecosystem, generating excitement among developers and investors alike.

On the other hand, some community members remain concerned about ADA’s price performance, hoping for a stronger recovery from its current levels. As the token continues to navigate a volatile crypto market, investor sentiment will undoubtedly play a role in shaping its short-term trajectory.

Price Performance Commencing the week above the key psychological level of $1, Cardano (ADA) price faced selling pressure that brought it down to a low of $0.8838 at one point during the past seven days. This movement marked the token’s failure to hold support at $1.

After reaching this low, ADA price encountered buying orders that caused a rebound from the lower price. As a result, ADA began to rally and reached a high of $0.9353. This level provided some resistance, preventing further gains.

Now trading at $0.9252, ADA is aiming to reclaim $1, which could lead to a bullish breakout. However, if the token fails to regain this crucial support, it might encounter further selling pressure.

In terms of technical analysis, ADA’s immediate support lies near $0.90, and a breach of this level could see the token testing the $0.85 range. On the upside, breaking resistance at $1 would be critical for Cardano to regain bullish momentum and aim for higher levels.

Cardano’s price performance over the past 24 hours on major cryptocurrency exchanges. Source: Coinmarketcap

Factors Behind the Decline Several factors could be contributing to Cardano’s price decline, including market-wide corrections and reduced trading volume. Additionally, ADA’s inflationary nature and the ample circulating supply have raised concerns about its ability to sustain price growth in bearish conditions.

However, the upcoming Plomin hard fork offers a silver lining With promises of enhanced decentralization and governance, this upgrade could catalyze renewed interest in ADA and bolster its price in the long term.

Looking Ahead As Cardano navigates this turbulent period, maintaining support above $0.90 will be crucial. Investors are closely watching the Plomin hard fork and other ecosystem developments to gauge ADA’s potential for recovery. Meanwhile, the token’s robust community and focus on innovation continue to make it a key player in the blockchain space.